Gemini is also offering a $200 $XRP welcome bonus for those spending $3,000 in the first 90 days. Powered by Mastercard, there are no foreign transaction fees and no exchange fees when acquiring crypto rewards.
Notably, the $XRP card functions remained the same as other Gemini credit cards. People can still use it to earn Bitcoin and other 50 supported crypto assets.
Ripple revealed benefits such as $RLUSD stablecoin support for US spot trading, simplified trading and no extra conversion fees, fast and simple access to crypto, and a special edition for the $XRP community to show allegiance.
Commemorating Ripple vs SEC Lawsuit End
The credit card launched represents the end of the end of Ripple vs SEC lawsuit and the $XRP community’s allegiance to Ripple in the case.
Ripple and the U.S. Securities and Exchange Commission (SEC) filed to drop their appeals and cross appeals in the 2nd Circuit Court on August 15. A week later, the court approved the request and dismissed the case in the appeals court.
Ripple to pay $125 million in civil penalties to the SEC. Also, an injunction in summary judgment by Judge Analisa Torres barred the firm from going for an initial public offering (IPO).
However, Ripple offered a revolving credit line ahead of Gemini’s IPO. The agreement allows lending requests of at least $5 million each, up to an initial net commitment of $75 million and extendable up to $150 million.
Interestingly, the credit card is backed by $75 million from Ripple and Gemini. Besides, this is part of the push toward Ripple’s national bank charter.
As The Coin Republic reported earlier, Ripple could get approval from the Office of the Comptroller of the Currency in October. $RLUSD stablecoin would have both state and federal oversight, increasing institutions’ trust in the stablecoin.
Meanwhile, the SEC Chair Paul Atkins said the agency will focus on developing clear crypto regulations after the Ripple vs SEC lawsuit ended. SEC Commissioner Hester Peirce wrote that “minds once occupied with litigation now can concentrate on creating a clear regulatory framework for crypto.”
$XRP Community Reacts to Adopting the Card
The announcement triggered excitement in the community, with many applying and getting approved for the $XRP credit card.
With $RLUSD stablecoin and $XRP recording significant adoption, the credit card would bring real utility to millions of merchants.
Recently, Ripple acquired Rail Financial to boost stablecoin payments infrastructure for financial institutions around the world. The company continued to bridge traditional finance with the crypto industry.
The credit card by Gemini and Ripple bolsters the $RLUSD and $XRP use in everyday life, while supporting a much-anticipated price rally in $XRP.
At the time of writing, $XRP price was trading 2.5% lower at $2.95. The 24-hour low and high were $2.93 and $3.12, respectively. Trading volume jumped 126% over the last 24 hours.
$XRP 12-Hour Price Chart | Source: Ali Martinez
Crypto analyst Ali Martinez predicted that $XRP price recovery to $3.70 will come in no time. The 12-hour chart showed a likely breakout above the descending trendline.
thecoinrepublic.com
