Exchange Uphold has announced the launch of a new cryptocurrency-linked debit card for UK customers. The idea is to offer them reward rates of up to 4% in $XRP digital currency.
How the debit card works
According to a press release, Uphold’s cryptocurrency debit card will not charge transaction fees other than British pounds. This feature makes it ideal for travel and overseas use according to the company. A US version is expected to launch next week and be fully available by the end of the month. The document notes that the rewards for using the debit card are in fiat currency. This currency is GBP for UK users and USD for US users. This reward is paid in XRP without any transaction or membership fees.
On the platform, customers simply convert their crypto, metals, fiat or other assets into GBP or USD. With the funds, the Uphold card can then be used for seamless purchases anywhere MasterCard cards are accepted. The card will first be available digitally, before a physical card will be launched later this year to be used for payments and at MasterCard ATMs around the world. The card will be compatible with ApplePay and GooglePay.
The good financial health of XRP
Interest in XRP has steadily grown over the past few weeks. As noted, cryptocurrency investment products offering investors exposure to XRP have seen significant inflows recently. The spike in interest came following the US Securities and Exchange Commission (SEC) case against Ripple. The price of XRP soared last month after reports surfaced that both Ripple and the SEC were seeking a decision in their lengthy legal battle through summary judgment.
The filings suggest neither side wants the lawsuit 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 continues to deny that XRP is a security and the first judgment proved them right.
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