Cryptocurrency: Nexo, Mastercard debuts world’s first crypto-supported payment card
Nexo is teaming up with Mastercard and DiPocket to roll out the first crypto card in Europe that will let users spend without selling their virtual assets. The card is said to be the first card in the world with a crypto credit line.
As per Reuters, Nexo, an all-in-one platform where people can securely store digital assets, buy, exchange, or borrow cryptocurrency, has partnered with Mastercard to launch its crypto payment card. The agreement is the latest deal where a crypto company joins forces with a financial network as cryptocurrency and NFTs become more common.
Nexo said that its card is only available in select countries in Europe at this time. Owners of the said card will be able to spend without the need to sell their bitcoin or other digital assets that are used as collateral for the credit request to be granted.
The card will be easily accepted by 92 million merchants around the world, where Mastercard is honored. One of its difference from the traditional credit cards that will make people want it is the fact that it does not have a set minimum repayment, inactivity fees, or monthly fees. Plus, there are no foreign exchange fees to pay for up to €20,000 per month.
The best thing is that there is no limit as to how much the card-owner can spend or withdraw from his or her open credit line. The interest is only paid based on the amount of credit that was used, and it stays at 0% if a customer maintains a loan-to-value ratio of 20% or below.
“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,” Nexo’s co-founder and managing director, Antoni Trenchev, said in a press release. “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.”