Crypto Exchange Uphold Launches Debit Card With $XRP Rewards
Popular cryptocurrency exchange Uphold has announced the launch of a new crypto-linked debit card for customers in the United Kingdom offering them reward rates of up to 4% in the $XRP digital currency.
According to a press released shared with CryptoGlobe, Uphold’s cryptocurrency debit card won’t charge non-sterling transaction fees, which makes it “ideal for travel and use overseas,” the company said. A US-based version of the card is set to launch next week and be “fully available by the end of the month.”
The document notes that rewards for using the debit card are accrued in fiat currency – GBP for UK users and USD for U.S. users – and paid out in $XRP, with no transaction or membership fees being charged.
On the platform, customers will “simply convert their crypto, metals, fiat, or other assets to GBP or USD.” With the funds, Uphold Card can then be used for seamless purchases wherever MasterCard cards are accepted.
The card, according to the document, will first be available in digital form, before a physical card is launched later this year to be used for payments and at MasterCard ATM machines throughout the world. The card supports both ApplePay and GooglePay.
Simon McLoughlin, Uphold’s CEO, was quoted saying:
We want our customers to be able to easily spend the crypto in their accounts for purchases anywhere in the world and earn XRP rewards with every purchase, making Uphold a central point of their financial lives. That’s exactly what the Uphold Card delivers.”
The move comes shortly after leading fintech firm Ripple formed a new partnership to bring real estate transactions to the native network of the $XRP token, the XRP Ledger.
Notably, interest in XRP has been growing over the last few weeks. As reported, cryptocurrency investment products offering investors exposure to $XRP have recently seen significant inflows, at a time in which the U.S. Securities and Exchange Commission’s (SEC) case against Ripple and two of its executives is being seen as “increasingly fragile” by investors.
The price of XRP soared last month, as CryptoGlobe reported after reports revealed that both Ripple and the SEC were looking for a ruling in their long-running legal battle through a so-called summary judgment.
The filings suggest neither party wants the legal action to continue to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
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