Crypto lender Nexo announced on Wednesday the launched the “first-of-its-kind” crypto-backed Mastercard card.
The Nexo Card is available in select European markets, according to the official announcement. As digital assets continue to gain popularity, the Nexo Card allows users to spend without having to sell their digital assets such as Bitcoin, Ethereum and Tether. Instead, cardholders can use their digital assets as collateral rather than selling them.
The launch is in collaboration with Mastercard as the tech company and payment network and DiPocket as a card issuer for the new offering in Europe.
The card is linked to a crypto-backed credit line provided by Nexo and provides access to cryptocurrency-powered liquidity across more than 92 million merchant sites worldwide where Mastercard is accepted. Nexo noted that this allows investors to spend up to 90% of the fiat value of their crypto assets.
The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to €20,000 per month.
Additionally, there are no restrictions on what a customer can spent or withdraw. Interest is with no cost for Nexo customers who maintain a loan-to-value ratio of 20% or below.
Antoni Trenchev, Co-founder and Managing Partner at Nexo, commented:
Antoni Trenchev Source: LinkedIn
Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets. This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.
Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships, said:
Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings. We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
