Digital money platform Uphold which today holds around $2.5 billion in customer assets and digital identity platform GlobaliD has launched the XRP Card — a Mastercard® debit card providing up to 5% cash back for purchases using Ripple’s coin XRP. The currency runs on the digital payment platform known as RippleNet, which runs on top of the distributed ledger database XRP Ledger.
The debit card powered by Uphold and issued by Evolve Bank offers a combination of utility, convenience, and crypto-backed rewards. The card supports spending in USD or virtually any other digital assets of the user’s choice while providing up to a 5% cashback in XRP.
Users will be able to request and manage their XRP Mastercard® Debit Card through the GlobaliD Wallet. They can passively earn and save XRP rewards while spending almost 50 national and digital currencies available through the Uphold-powered digital wallet. XRP cardholders will soon be able to pay for things like coffee while reaping XRP rewards.
“We’re delighted to be supporting GlobaliD with the XRP debit card. The XRP community is one of the most engaged in the crypto sector and among Uphold’s most ardent users. It’s great that we’re able to give back through our support for this fantastic innovation,” commented JP Thieriot, CEO of Uphold.
Users can secure their cards by joining the waitlist. More than 40,000 people have already claimed their spot. The first 100 users in the US will earn up to 5% back in XRP on the first $10,000 spent within three months, and 2% after. The rewards will be ‘airdropped’ into the Rewards section of the GlobaliD Wallet. Users can also top up funds via the wallet as well as send and receive a range of currencies and digital assets.
“The GlobaliD vision is for everyone to have an identity that not only enables you to communicate with others and build communities but also hold, transfer, or spend value of any kind,” said Greg Kidd, co-founder and CEO of GlobaliD. “The XRP Mastercard® Debit Card builds on that foundation, allowing users to spend their assets anywhere Mastercard® is accepted.”
Both companies discovered the value of creating community-driven debit cards after observing a surge in platform interest from various crypto communities. Uphold witnessed a considerable increase in XRP buying volume, amounting to over $1.14 billion year-to-date in 2021.
The XRP Card can be branded and issued by a trusted community. Any GlobaliD community will be able to issue their own unique debit cards to their members as well as develop their own merchant reward networks and funding mechanisms. This could be in the form of charity organizations, fan clubs, sports teams—any group of people with aligned interests. This will allow them to leverage the collective social and spending power of their trusted community.