- Teaming up with universal payments company Mastercard and DiPocket, crypto lender Nexo will introduce first-ever crypto card.
- Cardholders can utilize the digital assets as collateral without having to sell them.
- Being dynamic, the credit line can use a number of assets, such as (but not limited to) Bitcoin, Tether, Ethereum as collateral.
Crypto lender Nexo has partnered with Mastercard to launch world’s very first crypto-backed payment card. What makes the card unique is its ability to allow users spend without selling any digital asset. Initially, the card will be available in certain European countries only, as said by Nexo.
The #NexoCard is here!
Welcome the only card that lets you spend the value of your #crypto without selling it!#Hodl while you spend with thе one-of-a-kind Nexo Card linked directly with your Instant Crypto Credit Line!
Get yours now!
— Nexo (@Nexo) April 13, 2022
The crypto-backed payment card has been linked to a crypto-backed credit line and is good to be used at 92 million merchant sites across the globe. In its statement, Nexo said that the revolutionary card allows its investors to spend about 90% of their crypto assets fiat value.
Nexo’s Co-founder and Managing Partner, Antoni Trenchev commented, “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”.
Neither the card required any minimum repayments, inactivity or monthly fees nor it has any FX fees for a limit up to 20,000 euros per month. Furthermore, customers can spend as well as withdraw without being confined within any limit. For the customers who maintain a loan-to-value ratio that’s either 20% or less, rate of interest remains at 0%.
The Nexo card is available with Apple Pay and Google Pay integrations and is available in physical as well as virtual form. Using the Nexo Wallet App, users can easily add the card to the mobile wallet.