- Nexo, in partnership with Mastercard and DiPocket, launched the world’s first “crypto-backed” payment card.
- The payment card, named Nexo card, will be initially available in selected European countries.
- The card allows cardholders to use their crypto assets as collateral.
Digital asset institution Nexo collaborated with global financial services giant Mastercard to launch what they claim as the world’s first “crypto-backed” payment card named “Nexo Card.” The Mastercard-backed crypto card will be initially available in selected European markets.
The card provides a crypto-backed credit line to users, which allows cardholders to use their crypto assets as collateral instead of spending them. Nexo also worked with DiPocket, Nexo’s card issuer for European markets, to launch the card.
Nexo Card Trial Done
The crypto exchange reportedly completed a series of trials with Nexo cards in selected European markets earlier this year. According to a company statement, the trial run has caused “extraordinary interest” and established “high demand” for the product.
Antoni Trenchev, Co-founder and Managing Partner of Nexo, described in a statement that the launch of Nexo Card in partnership with Mastercard and DiPocket is a “big milestone” for them. He also added that it’s been the “latest proof of the immense synergy potential between the existing financial network and digital assets.”
The head of crypto and blockchain products and partnerships of Mastercard, Raj Dhamodharan, emphasized that the company acknowledges that “digital assets are revolutionizing the financial landscape,” and the card offered users “new and one-of-a-kind choices in how they pay and activate their crypto holdings.”
Nexo Card Benefits
According to the company blog, the Nexo Card doesn’t need minimum repayment, monthly fees, or inactivity fees. There are also no monthly FX fees for up to €20,000 ($21,600).
Cardholders will also be able to earn up to 2% in crypto rewards with each purchase. This will be paid out in either Bitcoin or Nexo’s native coin NEXO token. The card also provides up to 10 free ATM withdrawals per month, a monthly limit of up to €10,000 ($10,910).
The Nexo Card and issued virtual card, integrated with Apple Pay and Google Pay, is free of charge. Moreover, customers can access more than 40 million merchants worldwide.
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