Nexo and Mastercard to Introduce Crypto Card

The digital asset platform Nexo, which offers crypto-backed loans, partnered with Mastercard to create the first European cryptocurrency card that allows customers to buy without having to sell their holdings. Nexo’s users have access to more than 92 million merchant websites worldwide by collaborating with payment providers.

Get Nexo Card

Nexo Card is linked to a Nexo provided, crypto-backed credit card line that remains at 0% APR. Clients can use their holdings instead of selling them.

The document states that the credit line can be used multiple assets as collateral. This includes but is not limited to Bitcoin, Ethereum and Tether.

Nexo Card requires no minimum repayments. You can also get up to $20,000 in foreign transaction fees with Nexo Card.

Instant crypto cashback is available with the card. It can be used to pay in Bitcoin or Nexo’s native currency. Customers can get up to 2% in digital assets free of charge with every purchase.

Nexo Card can be purchased in physical and virtual form. It also comes with direct Apple Pay or Google Pay integrations. Additional virtual cards can be ordered for free.

Antoni Trenchev, Co-Founder and Managing Partners at Nexo, summarized the benefits of the new product.

“Launching Nexo Card in Europe with Mastercard and DiPocket was a significant milestone for us. It is also the latest evidence of the incredible synergy between existing financial networks and digital assets.

This product is unique and will enable millions to instantly spend in Europe, then globally, without having to give up their cryptocurrency potential. It also offers unprecedented everyday utility for this emerging asset class.

Raj Dhamodharan, Head of Crypto and Blockchain Products at Mastercard, commented on the collaboration. He stated that digital assets “revolutionize the financial landscape.” His company believes in them, and that Nexo can help people make unique choices about how they interact with crypto possessions.

Nexo’s Endeavors for 2022

Nexo and Bakkt Holdings shook hands in January. The agreement stipulated that the latter would take custody of a portion Nexo’s Bitcoin and Ethereum-backed stashes in its Warehouse.

The company launched a new fund in March that aims to invest $150 million in Web3-related businesses and other crypto-focused projects.

Soon after, Nexo integrated ApeCoin, the native token of BAYC’s ecosystem, into its platform. You can trade APE against BTC, USDT and USDC as well as EURx, USDx, USDx, USDC, USDx and GBPx.

The crypto lender revealed a new digital asset brokerage unit, Nexo Prime, last week. This feature is geared towards institutional clients and includes all the tools needed to borrow, lend, trade, store, and loan cryptocurrencies.