The leading institution of digital assets, Nexo launched a Nexo Card. It is a crypto-backed credit card which will be operational in the European Economic Area.
The Nexo Card allows users to make purchases using crypto without actually selling their digital assets. The various features of the card are:
- The card is linked to a Nexo-backed credit line with 0% APR. There are no monthly, annual, or inactivity fees.
- There are also no FX fees upto €20,000 per month and gives users 10 free monthly ATM withdrawals of upto €10,000.
- Users can get upto 2% cashback in crypto rewards for every Nexo transaction.
- A physical or virtual Nexo Card can be issued and the virtual cards can be easily integrated to Apple Pay and Google Pay.
Antoni Trenchev, Co-founder and Managing Partner at Nexo said, “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.”
The Nexo Cards allow users to use their digital assets as collateral. Users can use multiple assets including stable coins as collateral.
The card is launched in partnership with Mastercard and DiPockets. Mastercard is the tech company that provides the payment network.
“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”, said Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships.
“We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
More than 92 million retailers worldwide will accept the Nexo Card, which will be accepted everywhere Mastercard is accepted.
DiPocket is the card issuer of Nexo.“Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers”, said Fedele Di Maggio, Co-founder and CEO at DiPocket.
Nexo has been constantly making moves in the investment and credit-line ecosystem. In December, Nexo announced a partnership with Fidelity Digital Assets to provide crypto custodial services and lending services for institutional investors.
