Payment card maker CompoSecure Holdings is continuing to delve into the world of cryptocurrency storage and security solutions via a new partnership with crypto platform Gemini.
The company announced Monday (Aug. 23) it is working with Gemini to manufacture a new crypto rewards card that lets users get up to 3 percent back on purchases in bitcoin or the dozens of other cryptocurrencies available through Gemini.
“The Gemini crypto rewards credit card demonstrates how the blockchain and cryptocurrency market category is being supported by banks with innovative financial products,” CompoSecure said in a news release.
The company points to a recent Bank of America Report that found 21 percent of banks have incorporated blockchain technology into their business, with big banks like Wells Fargo and JPMorgan deploying services to support blockchain or cryptocurrency.
“This is an important moment for CompoSecure and the industry concerning the intersection between payments and cryptocurrency,” said CompoSecure President and CEO Jon Wilk, whose company recently announced a merchant agreement with the special purpose acquisition company Roman DBDR Tech Acquisition Corp.
Gemini’s card offering includes a metal credit card with features such as crypto rewards on purchases, a security-first design and immediate access to a virtual card following approval.
In an interview with PYMNTS in April, Wilk said he suspects that metal payment cards will become more widely used — especially for touchless, face-to-face transactions, as consumer spending returns to pre-pandemic levels.
Once the dominion of the affluent, high network space, these metal cards have since been “embraced by the mass affluent space,” Wilk said.
That’s still a drop in the payment card bucket, however, as there are billions of cards made each year, with CompoSecure accounting for less than 1 percent of them.
Of course, that could change with the advent of the Gemini Card. Expected to launch in all 50 states this summer and good wherever Mastercard is accepted, CompoSecure said the card has a 300,000-person waiting list.