Uphold, a digital money platform has announced on the 3rd that it has partnered with GlobaliD, a digital ID platform, to launch a debit card from Mastercard named ‘XRP Mastercard’ which would provide a 5% cashback of Ripple’s cryptocurrency ‘XRP’.
The XRP Cardholders allow users to spend fiat or cryptocurrencies from the GlobaliD wallet anywhere Mastercard is accepted. It also allows users to earn XRP rewards. The reward system was introduced as a 5% return rate to the first 100 users who spend over $10,000 within the first three months of issuance. The rate will afterward reduce to 2%. The service is currently only available to US cardholders.
The companies have announced that XRP is the starting point for this program which would, later on, expand to other cryptocurrencies. Uphold’s platform encourages buying and selling of various cryptocurrencies as well as DeFi stocks.
CEO of Uphold, JP Thieriot said:
“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.”
The XRP card is currently limited to the members of the XRP community ‘XRP Army’. It is necessary to participate in the community to apply for this card.
GlobaliD CEO, Greg Kidd has always been an advocate for XRP and Ripple. He said in a statement:
“The XRP Card is also a reference implementation for a debit card tied to and issued by a trusted community. Eventually, 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. That could be in charity organizations, fan clubs, sports teams—any group of people with aligned interests. They’ll be able to leverage the collective social and spending power of their trusted community.”