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The Gemini Credit Card*, a highly anticipated crypto credit card that opened public applications a few weeks ago, has stopped taking applications.
The Gemini website states that the company has made the decision in order to “further improve the customer experience,” while a linked status page suggests there were technical problems on Thursday. A Gemini representative didn’t immediately respond to a request for comment.
While the cause of the application pause isn’t transparent, it’s worth noting that there’s inherent risk in this new genre of crypto credit cards, which may lead to technical delays and hiccups along the way. Banks, governments and credit card institutions alike are trying to navigate developing rules and regulations for this new type of card in real time, so volatility continues to haunt some financial products integrated with cryptocurrencies.
As another example, the BlockFi Rewards Visa Signature Card, a crypto card that has been on the market for months, recently eliminated access to BlockFi Interest Accounts, which paid interest on credit card crypto rewards earned through making transactions on the card. This action was in response to a February SEC charge requiring the product be registered.
While crypto rewards can offer a lot of potential for growth, they also have the potential to lose value faster than the cash-back, points or miles rewards offered by other credit cards. Just as when investing in crypto through an exchange or broker, it’s important to be comfortable with the level of risk you take when using a crypto credit card.
For more information about how to use crypto credit cards and what options are available, check out our roundup of the best crypto credit cards.
*All information about the Gemini Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
Read More: Gemini Credit Card Pauses Applications: More Volatility Among Crypto Credit Cards