Recently, one of the most popular investment platforms, robinhoodunveiled a new debit card under the brand of ” robinhood Cash card ». A big new feature of the card is the ability for users to automatically invest in assets such as stocks and cryptocurrencies. She will replace the current debit card of robinhood “Cash Management”.
The launch of Cash card
The new debit card is linked to a new spending account separate from a user’s brokerage account. Cash card offers recurring investments, including weekly bonuses, low fees, early direct deposit, and split verification capabilities for recurring investments.
Another important thing, it willfully automated investing in stocks and cryptocurrencies. This is to appeal to a younger audience more familiar with the method of payment.
The card offers a rounding investment function which rounds up cardholders’ purchases to the nearest dollar and invests the difference in stocks or cryptocurrencies of their choice, which can be changed at any time.
In addition, the card offers a weekly combo bonus which offers cardholders a bonus of 10% to 100% (capped at $10 per week) depending on the cardholder’s weekly combined bonus. The bonus is then invested in the same stock or cryptocurrency. None service charges, minimum deposit or in-network ATM fees are not associated with this card.
The debit card will be offered and distributed by robinhood Moneya subsidiary developed specifically for this purpose. HAS this title, it will thus join the cards robinhood Crypto and robinhood Financial.
It should be remembered that this new card could be an important option for trading and investment enthusiasts. Indeed, the card can be used anywhere in the world that supports the Mastercard network. Additionally, the map will be available in virtual form to be compatible with many payment services such as Google PayApple Pay or Samsung Pay.
Thus, the “cash management program of robinhood will be integrated into the new card and its expense account. As a result, new registrations will no longer have access, from today to this feature.
Read also: Israeli bank Leumi partners with Paxos to offer crypto trading services.
A plan to expand globally
In early February, the company announced plans to expand globally by bringing cryptocurrencies to the fore. Cash out card which was publicly announced by robinhood is part of his effort. Furthermore, the public release of his wallet in the near future, which is currently in beta testing, also confirms his strategies for global expansion.
The company has also declared its plans for additions to the list of cryptocurrencies on its platform, as it currently only offers seven, including Bitcoin. (BTC), Ethereum (ETH), Dogecoinand even Litecoin (LTC).
In short, the determining factor of the new debit card is to make investing as easy as possible for new investorssaid robinhood.
To discover: According to the Ministry of Finance, Malaysia will not recognize Bitcoin as legal tender.