Robinhood broker launched debit card with cashback in cryptocurrency

The product is aimed at the younger generation who want to benefit from a new type of asset

23.03.2022 - 08:45

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What’s new? The new debit cards of the online broker Robinhood will get an additional feature. The users will be able to receive cashback in cryptocurrencies and promotions when buying goods or paying for services. This is reported by The Verge.

News on The Verge’s website

How will the cashback be credited? For debit card transactions, the amount sent will be rounded up to the next dollar. The resulting difference at Robinhood will be used to buy digital assets or shares. The option also offers a weekly bonus of up to $10. In addition, depending on the client's preferences it is possible to convert part of a salary into cryptocurrencies and create separate expense accounts.

According to the online broker’s representatives, the new card with cashback in cryptocurrencies is designed for young people who are not attracted to standard banking products.

Robinhood is a US-based broker that provides its clients with stock trading and exchange-traded funds.

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