Robinhood is launching a new debit card that automatically invests in stocks or crypto (e.g. bitcoin, doge or ether). The company said in a blog post that Robinhood Money will now give a bonus of 10-100% (capped at $10) on weekly round-ups as a way to support "customers' investing goals."
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The Menlo Park-based company said it is also working on a new feature that will give investors savings when they shop at spots like H&M, Chevron and Chipotle. Robinhood noted that the new card will replace the existing cash management product.
"Effective today, we are retiring sign-ups for the existing Cash Management product, and opening the waitlist to the public including current customers," the company said.
Robinhood emphasizes the new features do not charge any fees or based on subscription model. It remains unclear though what network Robinhood is using for its new card as its previous cash management card relied on Mastercard's architecture. In January, the online broker launched the beta program of its crypto wallet for 1,000 customers selected from a waiting list. Although no announcements were made so far, Robinhood was planning to expand the pilot up to 10,000 users by this month.
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