Uphold relaunches XRP rewards debit card in US
Quick Take
- Crypto wallet provider Uphold is relaunching a U.S. debit card with the chance to earn XRP rewards.
- Users can earn up to 6% in XRP for spending dollars, crypto or stablecoins.
After discontinuing service of its U.S. debit card more than two years ago, crypto wallet provider Uphold is relaunching with a chance to earn XRP rewards.
Uphold said users will be able to earn up to 6% in XRP rewards when spending dollars, crypto or stablecoins while using the debit card, the company said on Thursday. Clients who opt for depositing part of their paycheck to their Uphold account can earn another 4% in XRP rewards.
"We've had a debit card but we're bringing a debit card back," Uphold's Nancy Beaton told The Block. Uphold previously issued a debit in the U.S. but then discontinued it in March 2023. "We have a really high concentration of XRP holders in our community."
Beaton serves as the company's chief revenue and marketing officer in addition to president of Uphold U.S.
The company's move to incentivize U.S. customers to use its card follows Uphold, in March, reinstating staking rewards for U.S. customers across 19 different digital assets including Ethereum, Solana, and NEAR. Relaunching its debit card also comes at a time when many crypto platforms are trying to better service customers' daily needs with the introduction of credit and debit cards.
Earlier this month, Crypto exchange Gemini said it was launching a crypto credit card offering up to 4% back in Solana token rewards on every purchase.
Major payment card companies like Visa and Mastercard are, at the same time, ramping up their crypto-related activities across payments and settlements.
Beaton went on to describe Uphold's close relationship with the XRP ecosystem: "We have a long-standing commitment to each other," she said. "We never delisted XRP, even in the tough regulatory times when every other exchange did. And for that, XRP users are loyal to Uphold."
The company teased the relaunch of the card back in May. Customers in the UK already have access to a debit card through Uphold.
Beaton emphasized the launch of the card is about servicing both existing clients and attracting new users. "You cannot get anything like this out in the market," she added.
The XRP reward rates are good for rates for 90 days after signing up.
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