Crypto lending platform Nexo has announced that it has teamed up with Mastercard, the global payments firm, in order to launch a world first crypto-backed payments card.
Initially, the card can only be used in selected European countries, but it will be a total game-changer as it will allow its users to spend on the card while not selling any of the crypto assets held on their account. These assets will just be used as collateral to back the credit on the Nexo card.
The partnership with Mastercard gives Nexo access to 92 million merchants worldwide and allows holders of the card to spend up to 90% of the fiat value of the crypto assets they hold on the Nexo platform.
According to a representative of Nexo:
"The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month,"
Holders of the card will have an open credit line and there will be no restrictions on how much they can spend or withdraw, and they will only pay interest on the amount of credit that they use. For clients who keep a loan-to-value ratio of 20% or below, there is 0% interest to pay.
The full range of utilities offered by the card have been taken from the Nexo blog:
- Up to 2% in Crypto RewardsGet up to 2% in crypto rewards on all transactions, paid out in BTC or NEXO.*
- Crypto Credit from 0% APRGet instant access to your credit line and borrowing rates starting from 0% APR.**
- No Monthly FeesNo monthly, annual, or inactivity fees.
- No Minimum Monthly RepaymentsHave ease of mind and repay at your own pace.
- Free Virtual CardIssue free a virtual card instantly and use it through our app or with the Apple Pay & Google Pay integrations.
- Free ATM WithdrawalsIn case you ever need it, the Nexo Card also gives you up to 10 free ATM withdrawals per month with a monthly limit of up to €10,000.
- Zero FeesNo FX fees for up to €20,000 per month.***
- 40М+ МerchantsSwipe or tap your card at millions of locations worldwide.
- Optimize Tax LiabilitiesOur card does not sell your assets, so it may be a great way to optimize tax liabilities.
DiPocket, the cashless payments solutions is also partnered with Nexo and Mastercard, and has added its own expertise to the mix. Antoni Trenchev, Co-founder and Managing Partner of Nexo had this to say:
“Launching the Nexo Card in Europe with Mastercard and DiPocket as our go-to-market partners is a big milestone for us and the latest proof of the immense synergy potential between the existing financial network and digital assets.”
