What are the Crypto Incentives with Robinhood's new Debit Card?

Prominent financial service provider firms unveil the crypto incentives of the upcoming newly launched debit card

In a rapidly evolving time in the financial world, such as at present, it’s getting tough and eventually necessary for firms to bring new, attractive and suitable features and services for customers to stay relevant. One of the leading trading and investing platforms, Robinhood, recently announced the launch of its new debit card. The debit card would have numerous new features and services to offer to the users, including the crypto rewards incentives for the users.

In the official blog post of the company, it mentioned that the Cash Card would now have the benefits for debit card users that were earlier reserved only for credit cardholders. It stated that the Cash Card was built on the company’s mission, which is to democratize finance for everyone. It started to give the same benefits to debit cardholders that were once only reserved for credit card users. On top of that, the card would have no monthly and subscription fees, no overdraft and account maintaining fees.

As per the company’s plan, bonuses would be disbursed to the customers on weekly roundups, and they can choose either to invest them in any assets of their choice or even in cryptocurrencies. As far as offer support by Robinhood for cryptocurrencies are concerned, the platform has seven major crypto assets, including the topmost digital asset Bitcoin (BTC), popular smart contract platform Ethereum (ETH), well known meme token Dogecoin (DOGE), famous as an alternative of bitcoin Litecoin (LTC), and well known digital assets spin-off versions like Bitcoin Cash, Bitcoin SV and Ethereum Classic (ETC).

About Robinhood’s plans, the company’s product officer Aparna Chennapragada told a financial services website that the Cash Card is moving forward to help younger generations for investing. She said that the firm is growing in the number of new generations of their first debit card-holding customers but for them, even today, investing feels out of reach.

Aparna further said that spending had become a fact of life, and the firms want to help the new generation to turn everyday spending into such opportunities to help them build good habits for upcoming times. Starting early and then following every little bit matters in investing and spending. She said the spending future would look like this for the new generation that has first mobile interaction and expects more from banking or financial institutions.