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. Nexo’s users have access to more than 92 million merchant websites worldwide by partnering with payment providers.
Use Nexo Card
According to a document that was seen by CryptoPotatoNexo Card, also known as Nexo Card, links to a Nexo-backed, crypto-backed credit card line, which is at 0% APR. Clients can use their holdings instead of selling them.
“The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether,” the document reads.
Nexo Card requires no minimum repayments. Foreign transaction (FX), fees are waived up to $20,000 per calendar month.
The card provides instant crypto cashback, paid out in Bitcoin or Nexo’s native token. With every purchase, customers receive up to 22% back in digital assets.
Nexo Card can be purchased in physical and virtual form. It also comes with direct Apple Pay or Google Pay integrations. You can order additional virtual cards for free.
Antoni Trenchev – Co-Founder and Managing Partner at Nexo – summarized the advantages of the new product:
“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 was also Mastercard’s Head of Crypto and Blockchain Products – Raj Dhamodharan. He said his company believes digital assets are “revolutionizing the financial landscape.” Partnering with Nexo could deliver people “one-of-a-kind choices” in how they interact with their crypto possessions, he concluded.
Nexo’s Endeavors in 2022
Nexo reached an agreement with Bakkt Holdings in January. As part of the agreement, the latter vowed to custody a portion of Nexo’s Bitcoin and Ethereum stash in its Warehouse.
The company created a fund to invest $150 million into Web3-related companies and other crypto projects in March.
Nexo quickly integrated ApeCoin (the native currency of the BAYC ecosystem), into their platform. Trade APE can be done against BTC and USDT.
The crypto lender revealed a new digital asset brokerage unit, Nexo Prime, last week. The Nexo Prime feature is designed to meet the needs of institutional clients. It provides all the tools required to trade, borrow and lend cryptocurrencies and store them securely in one product.