Nexo launches 'world first' crypto-backed payment card
In partnership with Mastercard
Crypto lender Nexo has teamed up with global payments giant Mastercard to launch the world's first crypto-backed card.
Nexo has teamed up with DiPocket, the company’s card issuer for the new offering in Europe, and Mastercard as the tech company and payment network to launch Nexo Card: a crypto card that will allow users to use their crypto as collateral rather than selling them.
The card is linked to a Nexo-provided crypto-backed credit line that allows multiple assets to be used as collateral, including but not limited to Bitcoin, Ethereum (ETH), and the Tether (USDT) stablecoin.
“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,” said Antoni Trenchev, Co-founder and Managing Partner at Nexo.
Notably, there are no limits on how much a cardholder can spend or remove from the open credit line, and interest is only charged on the credit that is spent. Cardholers with a loan-to-value ratio of 20% will not be required to pay any interest.
According to the company's website, the card is now available in "select European markets." Currently, Nexo Card is available to citizens of 29 countries, including Belgium, Cyprus, the Czech Republic, Finland, France, Germany, the United Kingdom, and others.
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