Online broker Robinhood has announced the replacement of debit cards with new Cash Cards with the possibility of receiving cashback in digital assets.
According to the company, the Cash Card does not have commissions or interest.
When users uses it to buy goods and services, spending is rounded to the nearest dollar. Robinhood has reported it will use the “surplus” to buy stocks or cryptocurrencies, depending on the client’s preferences. We should take into account that the option comes with a weekly bonus up to $10.
Cash Card offers a dedicated Robinhood spending account, which means that the company’s existing debit card only offers one account that combines cash and brokerage services.
According to Robinhood, this card is an element of the strategy for creating “embedded crypto products”.