Robinhood’s Debit Card Will Offer Cryptocurrency Rewards

Robinhood’s debit card will offer cryptocurrency rewards and will replace its debit card with a new “Cash card” that will offer some of the same rewards including crypto bonuses so let’s read more in today’s latest cryptocurrency news.

The card will allow users to “round up” to invest in crypto and other investments and Robinhood said it will replace the current debit card offering with the Cash card which will come with a variety of investing and new reward features like the ability to acquire crypto. The new card is created for the sentiments of Gen Z who have an aversion to credit cards compared to previous generations according to the bank survey cited by Robinhood.

Robinhood’s Debit card, Cash card will offer credit-card style rewards with a debit card that comes with no fees or interest. One notable feature of the card is that the users of the platform will be able to round up the purchase to the dollar with the surplus change going into the investments in stocks and crypto. Those that will choose to do this will receive a bonus from the company worth $10. The users of the new card will be able to arrange for the paychecks to be deposited into separate accounts in the country and one for crypto as well. The card offers a Robinhood dedicated account for the first time while the existing debit card will offer only a single account that blends cash and other brokerage services.

In discussing the crypto aspects of the Cash Card, the Robinhood CPO Aparna Chennapragada said that they are a part of the company’s strategy to create other crypto products as well. The idea is to turn non-crypto native on BTC and other tokens by creating them into activities that they are familiar with.

As recently reported, The popular trading app Robinhood is turning attention to the international expansion strategy which will see the company shift most of its focus on crypto according to the chief brokerage officer Steve Quirk. According to Quirk, the company is doing plenty of exploration about finding compliant ways to expand the lists of supported assets. When asked to explain what he means by “crypto first” given the presence of major companies like Coinbase, Quirk said that the path for Robinhood to become global and have traction is likely through crypto.