Amid an intensifying competitors for patrons, the US on-line buying and selling platform Robinhood has rolled out a brand new money card that gives varied rewards to its customers, together with crypto bonuses, with a waitlist accessible to the platform’s prospects.

“The Money Card builds on our mission to democratize finance for all by giving debit card prospects the identical advantages and rewards that had been as soon as reserved for bank card holders,” the platform stated in a statement.

The corporate’s newest product is a pay as you go card issued by Sutton Financial institution and pursuant to a license from funds large Mastercard. Robinhood goals to draw prospects with weekly bonuses that would encourage customers to take a position their funds in a wide range of property, together with crypto.

The platform says the cardboard’s customers will probably be eligible to earn bonuses ranging between 10% and 100% on their weekly round-ups, enabling Robinhood’s prospects to put money into their alternative of shares and cryptoassets.

Spherical-ups are capped at USD 100 on a weekly foundation, and bonuses at USD 10 per week.

“You’ll have the choice to decide into paycheck recurring investments into equities within the brokerage account and crypto within the crypto account,” in line with Robinhood.

The enterprise guarantees the Robinhood Money Card is freed from month-to-month charges, in-network ATM charges, and overdraft charges, and that its customers is not going to be required to keep up a minimal stability.

Rivals similar to Coinbase have additionally launched their very own debit playing cards. The crypto alternate’s Coinbase Card is a Visa debit card funded by customers’ crypto-denominated accounts. 

One other main alternate, Binance, additionally provides a Visa debit card that guarantees as much as 8% cashback on all eligible purchases made with the product.

Over the previous 12 months, Robinhood has offered a lot of options designed to lure extra crypto customers to its platform. For instance, final September, the corporate introduced it was rolling out crypto recurring investments. 

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