Zcash (ZEC) surged 110% in price after Gemini launched a credit card rewards program that pays out in the cryptocurrency. The jump came right after the announcement.
Gemini's ZEC Rewards Program
Gemini added ZEC to the list of reward options for its credit card users. The card already offered rewards in other digital assets. Adding Zcash made it the first privacy-focused token available through the program. Gemini did not say when it decided to include ZEC or whether it plans to add more coins.
Price Reaction
The price of ZEC more than doubled on the news. The 110% gain pushed the token to levels not seen in weeks. Trading activity rose sharply as investors bought into the announcement. The surge was one of the biggest single-day moves for Zcash this year.
What the Move Means
Including ZEC in a mainstream credit card rewards program signals growing acceptance of privacy coins. Zcash allows users to shield transaction details, a feature that has drawn both users and regulators. Gemini's move could encourage other exchanges to offer similar rewards. Whether the price holds depends on continued demand from buyers and cardholders.
Gemini has not announced any further expansions of the rewards program. The exchange also did not disclose how many users have opted for ZEC rewards so far.
