GlobaliD Announces Debit Card With XRP Cashback

Key highlights:

  • GlobaliD announced a debit card that will give users cashback rewards in the form of XRP
  • The company has opened a waitlist, with over 13,000 users signing up so far
  • Initially, the card will only be available to U.S. residents

New Mastercard-powered debit card will offer XRP cashback

Digital identity company GlobaliD is launching a debit card that will provide cashback rewards in the form of the XRP cryptocurrency. Dubbed the “XRP Card”, the debit card will be using the Mastercard payments network. The card will utilize the GlobaliD wallet, which leverages the Uphold cryptocurrency exchange. Through the wallet, users will be able to convert their XRP rewards to other cryptocurrencies, or a variety of national currencies.

The cashback rewards will be offered to the first 5,000 users that join the waitlist for the card. For the first 1,000, the initial cashback rewards will be 5% for the first three months, while the reward will be 3% for the next 4,000 waitlisted users. After the first three months, the XRP cashback reward will drop to 2% for all users.

Per the GlobaliD website, 13,784 users have signed up for the XRP Card waitlist so far. This is a pretty strong response, but not too surprising given that XRP is known for having a highly engaged community.

GlobaliD says that the offer for its XRP cards is only available for U.S. residents. This is particularly interesting since the regulatory status of the XRP cryptocurrency in the United States is very uncertain at the moment due to the SEC’s lawsuit against Ripple. In the lawsuit, the SEC is alleging that XRP is a security issued by Ripple and that the company’s XRP sales constitute an unregistered offering of securities. In response to the lawsuit, multiple cryptocurrency exchanges that serve U.S. customers have decided to (temporarily) suspend XRP trading.

In a Twitter post, GlobaliD said that it’s working on supporting the XRP Card internationally, but that the initial pilot will only be available to U.S. customers. Neither Ripple nor the XRP Ledger Foundation are directly affiliated with the card.

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