Gemini Unveils Solana Credit Card That Pays and Auto-Stakes SOL Rewards

Publicly traded crypto exchange Gemini expanded its credit card suite on Monday, unveiling the Solana Card—a new credit card that offers instant Solana (SOL) rewards with an optional auto-staking feature to boost rewards. 

The firm also offers Bitcoin and XRP-themed credit cards, all of which offer up to 4% back on purchases in instant crypto rewards. 

While the Solana Card will operate like Gemini’s other cards, the latest product comes with a new, optional auto-staking feature for those seeking Solana rewards. In other words, those who earn SOL after a purchase can have it automatically staked on Gemini for up to 6.77 APY%.

“Auto-staking is the primary new feature that we are focused on with this card launch, and it’s available for all existing and future card holders, in addition to those with the Solana card,” a representative for Gemini told Decrypt. 

“This feature, along with the design of the Solana card, provides the Solana community with a way to show their loyalty whenever they make a purchase, and earn SOL as they do it,” they added.

Solana Card holders who stake their SOL tokens can unstake them at any time, but withdrawal timing can vary from a “few hours to a several days,” according to the firm’s rep.

Gemini’s credit cards provide category-based rewards of up to 4% on gas, electric vehicle charging, and rideshare. Dining earns users 3%, while groceries earn 2%, and all other purchases are eligible for a 1% crypto reward back.

“Launching a Solana edition of the Gemini Credit Card was a logical choice given Solana’s momentum and its robust and active community it built as one of the top ecosystems for new developers,” the firm wrote in a statement. “Solana’s rewards performance has been one of the highest among available cryptocurrencies on Gemini.”

Based on data extending back to 2021, users of Gemini’s credit card products that have chosen Solana as their reward token and held for at least one year have seen appreciation of around 300%, the firm said based on data from the end of July.

SOL traded below $10 in early 2021, but later ran to above $250 as the year drew to a close. It then crashed to about $8 in late 2022 following the crash of the closely linked crypto exchange FTX, but gradually rebounded and set a new high of $293 earlier this year.

Gemini completed its initial public offering (IPO) on the Nasdaq Exchange following the success of other crypto IPOs earlier this year. The firm offered shares for $28—exceeding initial forecasts—raising more than $425 million. 

Shares finished the trading day Friday at $19.68, down nearly 20% over the previous month.