Uphold, one of the largest cryptocurrency exchanges, has launched a new cryptocurrency debit card for customers in the United Kingdom. The debit card will give users rewards of up to 4% in the XRP token.
Uphold exchange launches a debit card rewarding users
The debit card issued by the Uphold exchange will not impose non-sterling transaction charges, making it an ideal card for use when traveling overseas. The company has also said that a similar card for the US market will be launched in the coming week and will be readily available to all users by the end of this month.
Uphold has also added that the rewards given to users that want to use the debit card will be accrued in the fiat currency of users, but they will be paid out in the form of XRP. The card will not charge additional transaction or membership fees.
Customers on this platform will convert their cryptocurrencies, metals, fiat currency, and other assets into GBP or USD. The card can then support seamless purchases in areas where MasterCard is accepted.
This card will be the first of a kind, as it will initially be in digital form. The physical form of the card will be launched later this year. The card supports ApplePay and GooglePay.
The CEO of Uphold, Simon McLoughlin, has commented on the launch of this card, saying that the exchange wanted its customers to spend cryptocurrencies easily to make purchases globally while earning XRP rewards.
Through this initiative, Uphold wanted to play a central role in the financial lives of its users, and this was what the card delivered.
Interest in XRP
Ripple (XRP) seems to be attracting attention from within and beyond the crypto space. The recent initiative by Uphold comes after Ripple unveiled a partnership to support real estate transactions within XRP Ledger.
Recently, cryptocurrency investment products giving investors exposure to XRP have reported increased inflows. The interest in XRP comes despite the case between the US Securities and Exchange Commission (SEC) and Ripple being seen to be highly fragile.
Last month, XRP’s price reported gains after news that Ripple and the SEC sought a summary judgment to end their battle that has run for almost two years. The filings showed that neither of the parties wanted to proceed to full trial.
The SEC sued Ripple and its executives in December 2020. The regulator said that Ripple sold $1.3 billion in unregistered securities. According to the SEC, XRP is not a token, and by issuing it, Ripple violated the securities act. However, Ripple has denied that XRP is a security.
