Users will be able to use their digital assets instead of spending them with the Nexo Card by accessing a crypto credit line through the Nexo Card.
Nexo, a digital asset manager, has partnered up with Mastercard to launch a Mastercard-backed cryptocurrency card in select European markets.
The Nexo Card is a card that allows cardholders to have a crypto-backed credit card. This allows them to use their cryptocurrency instead of selling it. Nexo has teamed with DiPocket to launch the card. DiPocket will be Nexo’s European card issuer.
Antoni Trenchev (Nexo co-founder, managing partner) referred to the launch of Nexo as a “big milestone” and said that the partnership between Mastercard and DiPocket was “the latest proof of how the financial network and digital assets work in harmony.”
Head of Mastercard’s crypto and blockchain products partnerships and products is Raj Dhamodharan. Raj Dhamodharan said that digital assets have revolutionized the financial landscape and that the card offers customers “new and unique choices in how they activate and pay for their crypto holdings.”
The Nexo Card
A company statement stated that the Nexo Card will not require minimum monthly repayments or inactivity fees.
You don’t have to pay FX fees up to EUR20,000 ($21600) per month.
Furthermore, every Nexo Card transaction comes with an instant crypto cashback function that can be used to pay out either Bitcoin and Nexo’s native NEXO token.
Users will earn as much as 2% in “free cryptocurrency” for every purchase.
The Nexo card also includes Apple Pay and Google Pay integrations and can be accepted at over 90 million merchants that accept Mastercard.
Nexo conducted a test run of its Nexo Card in select European markets earlier this year. According to a company statement the trial ran generated “extraordinary interest” as well as a “high demand” for it.
