Nexo, a digital asset platform that offers crypto-backed loans, teamed up with Mastercard and DiPocket to introduce Europe’s first cryptocurrency card, allowing clients to spend without having to liquidate their holdings.
Nexo Card is a card introduced by Mastercard that may be used to pay for things The new feature (named Nexo Card) is tied to a Nexo-provided, crypto-backed credit line with a 0% APR, according to a document seen by CryptoPotato. Rather than selling their assets, clients might use them as collateral.
“The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether,” the document reads.
The Nexo Card has no minimum payback requirements. For up to $20,000 a month, there is no foreign transaction (FX) fees.
The card offers quick cryptocurrency payback, which can be received in Bitcoin or Nexo’s native token. Customers can earn up to 2% back in free digital assets as a result of their purchases.
Nexo Card comes with direct Apple Pay and Google Pay connections and is available in both virtual and physical forms. Additional virtual cards can be ordered for free.
Antoni Trenchev – Co-Founder and Managing Partner at Nexo – summarized the advantages of the new product:
“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, also commented on the collaboration. He believes that digital assets are “revolutionizing the financial world,” according to his company. He concluded that partnering with Nexo might provide individuals with “unique possibilities” in how they interact with their crypto assets.
Nexo’s Ambitions For 2022
Nexo and Bakkt Holdings clasped hands in January. The latter agreed to keep a percentage of Nexo’s Bitcoin and Ethereum in its Warehouse as part of the deal.
The corporation formed a new fund in March with the goal of investing $150 million in Web3-related businesses and other crypto-related ventures.
Nexo soon after adopted ApeCoin (the BAYC ecosystem’s native coin) into their platform. APE may be exchanged for BTC, USDT, USDC, USDx, EURx, and GBPx.
Nexo Prime, the crypto lender’s digital asset brokerage unit, was launched last week. The functionality caters to institutional clients’ demands by providing all of the tools needed to trade, borrow, lend, and safely store their cryptocurrency in one place.
