- Summary:
- Regulated digital assets management platform, Nexo, has launched a card backed by Mastercard. We tell you about its interesting features.
Nexo today officially unveiled the Nexo Card, a first-of-its-kind Mastercard card backed by a cryptocurrency credit line. Initially, the card will only be accepted in a few European countries. It will allow its users to employ cryptocurrency-powered liquidity on more than 92 million merchants. A major benefit of the card is that it does not need users to sell their digital assets to use it. DiPocket is the card’s issuer, and Nexo has teamed up with them and Mastercard to make the rollout a success.
The development comes following a targeted partial rollout of the card by Nexo earlier in the year. The rollout targeted a focus group in select European countries, and it collectively generated extraordinary interest and transaction volume. The resultant high demand informed the decision to issue the card on a broader scale. In the meantime, the company has revealed that it will release a debit-type card and expand issuance internationally.
Once it goes international, around 92 million retailers worldwide will accept the Nexo Card, thanks to the DiPocket and Mastercard infrastructure. Also, investors will be able to spend up to 90% of their crypto’s fiat worth without having to sell any of it.
Exciting features
The Nexo card comes with the following features:
- No selling crypto: A crypto-backed credit line supplied by Nexo is linked to the Nexo Card and has an introductory APR of 0% for the duration of the credit line’s life. Rather than selling their digital assets, cardholders can utilize them as collateral. In addition to Bitcoin, Ethereum, and Tether, the credit line accepts a variety of other assets as collateral.
- No Fees: There are no monthly or inactivity fees with this card, and there are no minimum repayments. Up to €20,000 per month is exempt from FX charges.
- Rewards: Users get cashback in the form of Bitcoin or Nexo’s native NEXO Token with every Nexo Card purchase. By doing this, customers may keep control of their digital assets. While at it, they also earn up to 2% back in free cryptocurrency for every purchase they make. Nexo then credits this instantly to the user’s Nexo account.
- Seamless Access: The Nexo Card is compatible with Apple Pay and Google Pay and is available as a virtual or real card. You can add the card to any mobile wallet with a few taps from the Nexo Wallet App. It’s free to add more virtual cards.
Antoni Trenchev, Co-founder and Managing Partner at Nexo, stated,“ 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.”
Fedele Di Maggio, Co-founder and CEO at DiPocket, added, “DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets”.
About Nexo
Nexo is a global leader in digital assets solutions and management and is a fully-regulated firm in a highly unregulated market. It offers crypto exchange services, high-yielding crypto earning products, OTC trading and sophisticated trading services. It has a presence in more than 200 countries and has processed more than $75 billion worth of transactions. Furthermore, it has a wallet service known as Nexo Wallet.
About Mastercard
Mastercard is one of the world’s leading payment technology companies. It connects more than 210 nations and territories and leverages secure data and networks, partnerships, and a passion for connecting and fueling an inclusive, digital economy.
About DiPocket
DiPocket is a prominent provider of integrated payment systems for corporations. It offers a wide range of customized products to supplement the offerings of traditional banks. Payment Cards, card-to-card payments, SEPA EUR and UK Faster Payments, and Open Banking are among the company’s most popular offerings.