Crypto Exchange Uphold Launches Debit Card With $XRP Rewards

by Arthur · November 11, 2022

Popular cryptocurrency exchange Uphold has announced the launch of a new crypto-linked debit card for UK customers offering them reward rates of up to 4% in the digital currency $XRP.

According to a press release shared with CryptoGlobe, Uphold’s cryptocurrency debit card will not charge non-sterling transaction fees, making it “ideal for travel and overseas use,” the company said. A US-based version of the card is due to launch next week and be “fully available by the end of the month.”

The document notes that rewards for using the debit card accrue in fiat currency – GBP for UK users and USD for US users – and are paid out in $XRP, with no transaction or membership fees charged.

On the platform, customers will “only convert crypto, metals, fiat or other assets into GBP or USD.” With the funds, the Uphold Card can then be used for seamless purchases wherever MasterCard is accepted.

According to the document, the card will first be available in digital form, before a physical card is launched later this year that will be used for payments and at MasterCard ATMs worldwide. The card supports both ApplePay and GooglePay.

Simon McLoughlin, Uphold’s chief executive, was quoted as saying:

We want our customers to be able to easily use crypto in their accounts for purchases anywhere in the world and earn XRP rewards with every purchase, making Uphold a central point in their financial lives. That is exactly what the Uphold card delivers.”

The move comes shortly after leading fintech firm Ripple formed a new partnership to bring real estate transactions to the native network of the $XRP token, the XRP Ledger.

In particular, interest in XRP has increased in recent weeks. As reported, cryptocurrency investment products that offer investors exposure to $XRP have seen significant inflows recently, at a time when the US Securities and Exchange Commission (SEC) case against Ripple and two of its executives are seen as “increasingly fragile” by investors.

The price of XRP skyrocketed last month, as CryptoGlobe reported after reports revealed that both Ripple and the SEC were seeking a resolution to their long-running legal battle through a so-called summary judgment.

The records indicate that neither party wants the trial to proceed to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging that they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security.