New Robinhood Debit Card Waitlist Opens: Invest and Earn Crypto and Stock

 If you're looking to dabble in crypto, Robinhood's new debit card offers a lower-risk way to get started.

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The financial services company Robinhood has unveiled a waiting list for its new debit card, the Robinhood Cash Card. 

This debit card incentivizes investments in stocks and cryptocurrency, and can be considered an early pioneer of both rewards types. Unlike traditional debit cards and credit cards, you'll have to go a step beyond making transactions to earn rewards.

With the Cash Card, you'll have the option to round your purchases to the nearest dollar and invest the difference, aka "spare change," in crypto or stock. 

This approach is reminiscent of the financial services company Acorns, which automatically invests the change from rounded up transactions. But the Robinhood Cash Card won't require a fee to maintain the account, like Acorns does. 

And at the end of each week, Robinhood will award you a bonus of 10% to 100% of your rounded-up investments -- up to a maximum of $10 per week -- making this a more valuable program than Acorns.

You'll be able to choose to invest and earn rewards in any of the seven cryptocurrencies Robinhood currently offers: bitcoin, bitcoin cash, bitcoin SV, dogecoin, ethereum, ethereum classic and litecoin. 

Robinhood is currently in the process of rolling out the capability to move crypto off the platform and to your own wallet. 

According to a company representative, 250,000 users are already enrolled in the crypto wallet program. The popular stock and crypto trading app expects 500,000 users within the coming weeks.

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