The new crypto wallets in their test phase had daily withdrawals limited to $2,999 and limits of 10 transactions per user per day.
At that time, Robinhood’s crypto wallet supported Bitcoin, Ethereum and Dogecoin. While, the exchange also supports Ethereum Classic, Litecoin, Bitcoin Cash and Bitcoin SV.
Robinhood has launched a new debit card: Robinhood Cash Card, with crypto bonuses, with the aim of reaching out to Generation Z.
Robinhood Cash Card: how the debit card works
Robinhood, the exchange for traditional assets and cryptocurrencies, has launched its new Robinhood Cash Card, a debit card that also offers crypto bonuses.
Night drives, snack runs, and your favorite playlists can help build your portfolio.
— Robinhood (@RobinhoodApp) March 24, 2022
“Night drives, snack runs, and your favorite playlists can help build your portfolio. The Robinhood Cash Card helps you invest in stocks and crypto as you spend. Join the waitlist (and turn the music up)”.
The new prepaid card is reportedly intended to offer the same benefits and rewards that were once reserved for credit cardholders only.
Basically, by using the Robinhood Cash Card, users can enjoy a weekly bonus of 10-100% (capped at $10) on their round-ups. The more they spend, the more Robinhood customers can choose to round up their change to the nearest dollar and invest it in assets of their choice.
Not only that, the Robinhood Cash Card also offers new savings on purchases when made at certain places like H&M, Chevron and Chipotle, with more on the way.
The credit card to get closer to Gen Z
In the ad, Robinhood also reports on a survey showing that only 17% of Gen Z say credit cards are their preferred payment method, compared to 46% of millennials and 47% of baby boomers.
This is why Robinhood chose to launch a debit card as well. In this way, the company thinks it can be close to this new generation that has changed its relationship with money, abandoning the credit card.
Everyone can sign up for the Cash Card and see separate accounts for investing and spending. To make this easier, Robinhood has announced that it has withdrawn subscriptions to the existing Cash Management product in the app.
The launch of the first crypto wallets
Earlier this year, Robinhood also announced the live launch of the first crypto wallets for all users who had signed up to try them out, which reportedly numbered nearly 2 million users.