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Nexo Teams up With Mastercard to Introduce Crypto Card

14-Apr-2022 By: Somesh Gaur
Nexo Teams up With M

The digital asset platform, which offers crypto-backed loans – Nexo – partnered with Mastercard and DiPocket to launch the first cryptocurrency card in Europe that enables customers to spend without selling their holdings.

By collaborating with the payment providers, Nexo granted its users access to over92 a million merchant sites worldwide.

The new feature (named Nexo Card) is tied to an aNexo-provided, cryptocurrency-backed credit line with a 0% APR. It enables clients to use their possessions as collateral rather than selling them.

"The credit line is dynamic and may be used as collateral for a variety of assets, including but not limited to Bitcoin, Ethereum, and Tether," according to the paper.

The Nexo Card has no minimum payback requirements. Foreign transaction (FX) costs are also waived for transactions up to $20,000per a month.

The card offers a quick crypto payback in the form of bitcoin or Nexo's native currency. As a result, clients may earn up to 2% back in free digital assets with every transaction.

Nexo Card is available in both virtual and physical forms, and it supports straight Apple Pay and Google Pay.

“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.”

 Commenting on the collaboration wasalso Mastercard’s Head of Crypto and Blockchain Products – Raj Dhamodharan. Hesaid his company believes digital assets are “revolutionizing the financiallandscape.” Partnering with Nexo could deliver people “one-of-a-kind choices”in how they interact with their crypto possessions, he concluded.

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