Gemini said in its latest shareholder letter that its XRP credit card generated a record $8.5 million in quarterly revenue, while total accounts for the product surpassed 100,000. The exchange described the card as an increasingly important driver of customer acquisition and user engagement.
The latest operating figures point to strong momentum. Gemini added 64,000 new cardholders during the quarter, and transaction activity rose to more than $350 million, representing a 102% increase from the previous quarter. The data suggests that crypto-linked payment products are becoming a meaningful part of how exchanges attract users and keep them active beyond simple trading activity.
Card business becomes a major growth lever
According to the shareholder update, the XRP credit card is gaining traction with both experienced crypto users and newcomers. That matters for Gemini because card usage can deepen engagement through everyday spending, rather than relying only on market-driven trading volumes. Rising account totals and transaction activity indicate that adoption is extending beyond sign-ups into regular use.
New versions support product expansion
Gemini also said that newer card versions have contributed significantly to growth. Among them, a Solana edition is expected in October 2025. By expanding reward options tied to different digital assets, Gemini appears to be broadening the appeal of its credit card lineup and turning the product into a more flexible acquisition channel.
Overall, the latest results show that Gemini is building a stronger payments-based revenue stream through crypto rewards cards. For the wider crypto industry, the development highlights how consumer payment products are increasingly being used to connect digital assets with real-world spending activity.