Nexo Launches Crypto-Backed Credit Cards in Europe in Partnership With Mastercard
Digital assets platform Nexo has inked a deal with Mastercard and DiPocket to launch crypto cards that will allow its customers in Europe to spend digital currencies without touching their funds.
Spending Crypto Without Depleting One’s Digital Asset’s Reserve
This is going to be made possible with the Nexo crypto card, as users will gain access to a credit line that will allow users to spend as much as 90% of the value of their crypto holdings with Nexo.
Thanks to the Mastercard partnership, which will serve as the payments infrastructure processor, Nexo Crypto Cardholders can use the card in more than 92 million merchant locations worldwide. DiPocket is the platform’s official card issuer.
“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,” said Antoni Trenchev, Co-founder and Managing Partner at Nexo. “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.”
The new card product will charge no monthly fees, no minimum repayments, or inactivity fees, and there is no foreign transaction (FX) fees for up to €20,000 per month. An additional perk attached to the new product is its 2% cashback on every transaction initiated. This cashback will be paid in BTC or the platform’s native token, NEXO.
Recanting Growth on all Sides
Nexo is undoubtedly charting an ambitious growth path in all aspects as it launched Nexo Ventures, a $150 million fund dedicated to investing in the Web3.0 space. While the capital raise is not a new affair in the growing blockchain ecosystem, the crypto card product is dubbed as the first of its kind. It repositions the platform as one of the pioneers of innovative products.
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