Nexo Launches a Crypto-Backed Card in Europe

Nexo Launches a Crypto Card for Europe

Nexo will soon release a Mastercard Card, and customers will have the ability to obtain credit by using crypto-collateral.

Nexo, in a Wednesday press release announced that it has partnered with Mastercard to create the first-in Europe crypto credit card. Nexo Card will link to a cryptocurrency-backed credit line provided by Nexo, which will allow users to borrow and spend fiat currency without having their crypto sold. For clients who maintain a loan-to-value ratio below 20%, Nexo’s credit line will be available at zero cost.

Antoni Trenchev (Nexo co-founder, managing partner) commented on the launch of the card. He said that the product will enable millions of people worldwide to leverage their crypto holdings to make instant purchases without the need to sell them. “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,” he said in the press release.

According to the announcement, the service will accept multiple crypto assets including Bitcoin, Ethereum, and Tether, as collateral, have dynamic credit lines with no minimum repayment requirements and charge no forex fees for up to €20,000 ($21,672) per month. The Nexo Card will also be available in both virtual and physical form, integrated with Apple Pay and Google Pay, and offer 2% cashback paid out in Bitcoin or the firm’s NEXO token on every transaction. It was also announced that the Nexo Card had been partially launched to a targeted group of European consumers. This shows that the product is in high demand.

Nexo, a global crypto service provider, is the best. It allows users to borrow, trade, and stake cryptocurrency in order to earn interest. Last October, the Attorney General of New York State placed a blockade on the firm and Celsius, its U.S.-based competitor. Celsius claimed that the lending products they were offering were securities that were not permitted to be offered to New York customers.

Get latest news from African Startup ecosystem

Latest stories

You might also like...