Uphold Launches Crypto-Linked Debit Card Offering up to 4% Rewards in XRP

LONDON, Nov. 11, 2022 /PRNewswire/ -- Uphold, a digital money platform, today announced the launch of its new debit card  for UK customers that pays industry-best rates of up to 4% rewards in XRP. Unlike other comparable cards, the Uphold Card will not charge non-sterling transaction fees making it ideal for travel and use overseas. A US version of the card will launch over the next week and will be fully available by the end of the month.^[2]

Rewards are accrued in GBP (UK) or USD (US) and paid in XRP, no transaction or membership fees at home or abroad.

Customers will simply convert their crypto, metals, fiat, or other assets to GBP or USD via the Uphold app. Then, the card enables seamless purchases from users' accounts wherever MasterCard is welcome.

The card is available in digital form initially, with a physical card launching later this year that can be used for payments via point-of-sale terminals and to withdraw cash at MasterCard ATMs worldwide. The card features native support within Uphold's existing wallet, and supports ApplePay™ and GooglePay™.

In the first quarter of 2022, consumers spent more than $2.5 billion worth of cryptocurrency through crypto-linked cards. 

Simon McLoughlin, CEO of Uphold, said: "We're thrilled to offer the most competitive crypto rewards and zero non-sterling transaction fees for UK customers.^[3] Making crypto easy is what Uphold does best. We want our customers to be able to easily spend the crypto in their accounts for purchases anywhere in the world and earn XRP rewards with every purchase, making Uphold a central point of their financial lives. That's exactly what the Uphold Card delivers."

Uphold was recently ranked Number 1 in the prestigious  The San Francisco Business Times Fast 100 List of fastest-growing businesses in the SF Bay Area for 2022. Uphold provides retail, enterprise and institutional investors with easy access to cryptocurrencies, digital assets, national currencies, precious metals and U.S. equities*.

Notes for editors:

¹ US Card excludes the following US States: New York, Louisiana, Colorado, California , Nebraska & Virginia
Not available in US territories

As a special launch promotion, the Uphold Card will pay out a 4% reward for all spending through March 2023, and 2% thereafter (subject to the Card's Terms and Conditions). All rewards will be paid in XRP, which customers can easily convert to other digital assets, and GBP or USD (as applicable).

About Uphold
Serving over 10 million customers in more than 150 countries, Uphold is a digital money platform for consumers seeking a more versatile and cost-effective home for their financial lives. Leveraging blockchain technology, the platform provides both consumers and businesses with easy access to digital and national currencies, precious metals and (in some jurisdictions) fractional U.S. equities. Uphold's unique trading experience – 'Anything-to-Anything' – allows customers to trade directly between asset classes, saving time and money. Uphold customers have easy access to tomorrow's financial services, today. To learn more, please visit https://uphold.com/en-us/

* Certain currencies and assets are not available in all jurisdictions

[1] UK Disclaimer:

Uphold Card is issued by Optimus Cards UK Limited, a principal member of Mastercard and authorised by the FCA.

[2] US Disclaimer:

BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. "Metropolitan Commercial Bank®" and "Metropolitan®" are registered trademarks of Metropolitan Commercial Bank. Card program marketed and administered by Uphold HQ Inc. The rewards are offered solely by Uphold and not Metropolitan Commercial Bank, are not deposits or other obligations of Metropolitan Commercial Bank, are not guaranteed by Metropolitan Commercial Bank, and are not FDIC-insured. Rewards may change after 6-month introductory period. Metropolitan Commercial Bank does not hold, trade or sell cryptocurrency and does not provide FDIC insurance for cryptocurrency funds. Non-fiat funds must be converted to USD before spend using the Uphold card

[3] See US Cardholder Agreement for transaction fees applicable to US Customers. 

SOURCE Uphold