A brand-new debit card from Robinhood Markets Inc ( NASDAQ: HOOD) will assemble the “spare change” from day-to-day purchases and invest it in cryptocurrency.
What Happened: In a post on Tuesday, Robinhood revealed the launch of the brand-new card called “the Robinhood cash card.”
To do this, the card will connect the user’s brokerage account to a different costs account. Once they buy, Robinhood will assemble deals to the nearby dollar and utilize the additional money to purchase a stock or cryptocurrency of the client’s option.
The brand-new card will change the existing Cash Management item.
“The Cash Card builds on our mission to democratize finance for all by giving debit card customers the same benefits and rewards that were once reserved for credit-card holders,” stated Robinhood.
As a perk, Robinhood prepares to provide clients approximately $10 of their weekly round-up cash each week. Users will likewise be entitled to cost savings at particular retailers like H & & M Hennes &Mauritz AB( OTC: HNNMY),Chevron Corporation ( NYSE: CVX), andChipotle Mexican Grill,(* ).Inc( NYSE: CMG ). the retail trading platform stated.
“This is spending the Robinhood way — no monthly fees, no subscription fee, no in-network ATM fees, no overdraft fees, and no account minimum fees that cut into our customers’ investments,”:
Price Action at $13.42.Robinhood link Tuesday.