Home News Nexo new crypto card allows users to pay without selling Bitcoin

Nexo new crypto card allows users to pay without selling Bitcoin

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Nexo, a major cryptocurrency loan company, has launched Nexo card, a crypto-backed Mastercard card, that allows customers to pay for services with cryptocurrencies such as Bitcoin (BTC) without having to sell them.

Nexo announced on Wednesday that it has teamed with Mastercard and DiPocket, a peer-to-peer payment startup, to launch the Nexo Card, a crypto card that allows cardholders to use their cryptocurrency as collateral instead of selling it.

The card is tied to a Nexo-provided crypto-backed credit line that allows you to utilise a variety of assets as collateral, including Bitcoin, Ether (ETH), and the Tether (USDT) stablecoin.

“The Nexo Card works with Nexo’s crypto-backed credit lines,” according to a Nexo representative. “This implies that cash for your transactions comes from your available credit line, while your digital asset portfolio remains intact.” According to Nexo’s terms and conditions, the collateral is subject to repayment.

Nexo Card, the first crypto-backed Mastercard card

The Nexo Card, according to the company, has a credit limit that starts and stays at 0% APR, and it is the first crypto-backed Mastercard card. For amounts up to 20,000 euros ($21,700), the card has no minimum repayment requirement and does not charge foreign exchange fees. The Nexo Card, like regular Mastercard cards, comes with direct Apple Pay and Google Pay connections and is available in both virtual and physical forms.

According to the statement, Nexo expects the Nexo Card will be accepted by 92 million businesses globally that accept Mastercard, allowing investors to spend up to 90% of their crypto’s fiat value in seconds without selling any of it.

Nexo announced that the card is now available in “certain European markets.” The Nexo card is only available to citizens of 29 countries, including Belgium, Cyprus, the Czech Republic, Finland, France, Germany, the United Kingdom, and others, according to the company’s website.

Antoni Trenchev, Nexo’s co-founder and managing partner, stressed the importance of the new product introduction for the existing financial network and digital assets to function together.

Nexo Card will enable people to spend instantaneously without sacrificing the value

“This one-of-a-kind solution will enable millions of individuals, initially in Europe and then around the world, to spend instantaneously without sacrificing the value of their cryptocurrencies, providing extraordinary everyday utility for the rising asset class,” he explained.

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Raj Dhamodharan, Mastercard’s head of crypto and blockchain technologies, reaffirmed the company’s commitment to the cryptocurrency market:

“Mastercard thinks that digital assets are transforming the financial environment, and we’re leading the charge in terms of innovation with programmes like our partnership with Nexo, which gives users new and unique options for paying and activating their crypto holdings.”

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Nexo began developing a MasterCard-branded crypto collateral-based card in August of this year, as previously reported. Earlier this year, the Nexo Card was partially launched in a number of European countries. Last year, the company announced a significant collaboration with Fidelity Investments’ crypto subsidiary, Fidelity Digital Assets, on crypto custodial services, products, and lending services for institutional investors.

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