Nexo has launched the Nexo Card, a first-of-its-kind crypto-backed Mastercard card through a partnership with Mastercard and DiPocket.
The card will be the first crypto card in Europe that allows users to spend without selling their digital assets.
Key features of the card include it being linked to a Nexo-provided, crypto-backed credit line that starts and stays at 0% APR. It enables cardholders to use their digital assets as collateral rather than selling them. In addition, the card requires no minimum repayments, monthly or inactivity fees. There are no FX fees for up to €20,000 per month.
Each Nexo Card transaction is equipped with instant crypto cashback, paid out in Bitcoin or in Nexo’s native NEXO Token. This means users are able to retain ownership of their digital assets and also earn up to 2% back in free cryptocurrency with each purchase.
The Nexo Card also comes with direct Apple Pay and Google Pay integrations, with cardholders able to add the Nexo Card to their preferred mobile wallet from the Nexo Wallet App with a few taps.
The Nexo Card will be accepted by 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto in seconds without selling any of it.
Nexo co-founder and managing partner Antoni Trenchev said, “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.”
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