Dom Kwok, the co-founder of EasyA, one of the world’s leading Web3 learning apps, recently initiated a poll on X to assess interest in a credit card that offers cash-back rewards in Ripple (XRP). The poll aimed to explore the demand for a financial product that allows users to earn XRP rewards on everyday purchases.
In response to Kwok’s poll, cryptocurrency exchange Gemini highlighted that it already provides such a product. The Gemini Credit Card allows users to earn crypto rewards on everyday purchases, including up to 4% back on gas and electric vehicle charging, 3% back on dining, 2% back on groceries, and 1% back on all other purchases. Cardholders can choose from a variety of cryptocurrencies for their rewards, including XRP.
Old Tensions Resurface: Winklevoss vs. XRP Community
In a follow-up post, Gemini co-founder Tyler Winklevoss urged the “Ripple army” to sign up for the Gemini Credit Card. However, his appeal was met with mixed reactions, as XRP community members still remember his past remarks about XRP supporters, which have left lingering tensions between them.
The skepticism from XRP holders stems from a heated exchange in May 2020, when Winklevoss referred to certain XRP advocates as “dumb trolls.” This came after community members tagged the U.S. Securities and Exchange Commission (SEC) on X, suggesting that Ripple was a security. Winklevoss responded by criticizing them, implying that they were undermining their own cryptocurrency by inviting regulatory scrutiny.
Despite this friction, Gemini officially listed XRP in August 2023 after Ripple won a partial legal victory against the SEC. The court ruled that XRP sales on the secondary market do not constitute securities transactions, clearing a path for its broader adoption.
XRP supporters did not take kindly to Winklevoss’s promotion of the Gemini Credit Card. One user bluntly stated “Calling XRP holders dumb trolls and then trying to get them to use your credit card is as ironic as it gets.” Another XRP advocate rejected Winklevoss’s pitch entirely, saying, “Hard pass on any of your products. Sincerely, The XRP Army.”
Further fueling the backlash, Winklevoss recently dismissed the idea of including XRP, along with other major altcoins like Solana (SOL) and Cardano (ADA), in the U.S. strategic crypto reserve. While acknowledging the legitimacy of these assets and their listing on Gemini, Winklevoss argued that they do not meet the criteria required for a strategic reserve asset.
He stated, “Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin.” This statement further alienated XRP supporters, reinforcing their skepticism toward Winklevoss and Gemini.
Meanwhile, Ripple’s long-running legal battle with the SEC is approaching its final stages. As highlighted in a previous CNF report, both parties have withdrawn their appeals, signaling that the case could be officially closed within the next 60 days.
At the time of writing, XRP is trading at $2.24, experiencing a 5.01% drop in the last 24 hours and a 5.92% decline over the past week. Additionally, its trading volume has decreased by 3.70%, now standing at $3.25 billion.