Gemini, a New York trust company operated by the New York State Department of Financial Services (NYSDFS), is the world’s 16th largest cryptocurrency exchange, according to CoinMarketCap reports, with an estimated daily trading volume of $474 million.
The news follows the company’s declaration that it already has over $25 billion in cryptocurrency in its custody. Tyler and Cameron Winklevoss, who founded Gemini in 2014, are their backers. Users who want to buy cryptocurrency directly from Gemini can now use Apple Pay or Google Pay to connect their debit cards, with funds being available for withdrawal an hour after purchase.
Gemini has not yet revealed the precise amount of processing and transaction costs associated with this program, but the platform currently maintains 3.49 percent of the total payment amount for each deposit made via debit card transfers, which includes Apple Pay and Google Pay. On the other hand, on Gemini’s exchange site, wire transfers and crypto-to-crypto deposits are still open.
Gemini did not say how much it costs to purchase cryptocurrency with Apple Pay or Google Pay. Deposits made with debit cards earn the platform 3.49 percent of the overall transaction price, while wire transfers and crypto-to-crypto deposits are free of charge.
This new feature allows crypto enthusiasts to make purchases using more straightforward payment methods, with an emphasis on mobile access. Apple Pay and Google Pay are digital wallets and payment platforms developed by Apple and Google, two leading technology companies with ecosystems of services designed to meet today’s growing demand for interconnectivity.
This new feature is available for over 30 of the cryptocurrencies that Gemini currently supports, according to the company. Users who want to invest in Bitcoin, Ethereum, Litecoin, and even Ethereum-based decentralized finance tokens including 0x, AAVE, and the DAI stable coin may now do so more easily by simply registering an eligible debit card. The preceding is a detailed breakdown of the coins and tokens that Gemini currently supports.