The Nexo Card will allow users to access a crypto card credit line, utilizing their digital assets as collateral instead of spending them.
Digital asset janitor Nexo has partnered with international payments gigantic Mastercard to launch a Mastercard-backed crypto card in designated European markets.
Anointed with the Nexo Card, the card delivers users a crypto-backed credit line, allowing cardholders to use their cryptocurrency as collateral, rather than trading it. To launch the card, Nexo has linked with DiPocket, which will serve as Nexo’s card issuer for European markets.
In a release attending the information, Nexo co-founder and management partner Antoni Trenchev, hailed the launch of the Nexo Card a “big milestone,” counting that the collaboration with Mastercard and DiPocket is “the most outstanding evidence of the excellent synergy between the existing economic network and digital assets.”
Mastercard’s chief of crypto and blockchain creations and partnerships, Raj Dhamodharan, counted that, “digital investments are revolutionizing the economic geography,” and that the card presented customers with “new and one-of-a-kind opportunities in how they spend and initiate their crypto holdings.”
The Nexo Card Upon Crypto Card
According to a corporate statement, the Nexo Card will need no minimum rebates, monthly, or inactivity costs.
There are even no FX costs for up to €20,000 ($21,600) per month.
What’s better, every Nexo Card transaction is fitted with an instant crypto cashback element which can be settled out in either Bitcoin or Nexo’s aboriginal NEXO token.
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In further words, users will be capable to make up to 2% back in what the organization tags as “free cryptocurrency” per purchase.
The Nexo Card also arrives with Apple Pay and Google Pay integrations and can be received by over 90 million retailers where Mastercard is accepted.
Earlier this year, Nexo conducted a test rollout of the Nexo Card in nominated European markets, and according to a firm statement, discovered the trial run caused “extraordinary interest” and delivered “high demand” for the product.
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