If you love trading in cryptocurrencies, here is a piece of great news for you! Nexo crypto-backed payment card is the world’s first crypto-backed payment card. Crypto lender Nexo, in collaboration with Mastercard and DiPocket, is all set to launch a crypto-backed payment card in Europe that will allow users to spend without selling digital assets.
Presently, a Nexo crypto-backed payment card is available. However, a virtual card can be activated quickly by linking it to a Google Pay account or Apple Pay. The card can be used for paying for goods like any normal credit card, by keeping crypto as collateral. The Nexo crypto-backed payment card will be accepted everywhere the Mastercard is. The Nexo card will be the first-of-its-kind crypto-backed Mastercard card.
Nexo is among the well-known companies that have decided to team up with Mastercard which is very famous worldwide for its services. It is the very first time that a crypto lender and credit card company have partnered on a card that will use cryptocurrency instead of credit or cash payments.
This post will help you find more details about the recently launched crypto-backed payment card introduced by Nexo in partnership with DiPocket and Mastercard. So, let us find out more information about the Nexo crypto-backed payment card.
What is Nexo Crypto-Backed Payment Card?
Nexo is all set to launch the world’s first crypto-backed payment card in Europe. The Nexo crypto-backed payment card will for the first time allow users to spend the value of their crypto without selling their digital assets. Nexo is partnering with DiPocket and Mastercard and providing access to its users for crypto-powered liquidity across 92M merchant sites worldwide.
The newly launched Nexo crypto-backed payment card is the first of its kind in select European markets. The users need not pay any monthly, annually, or inactivity fee linked to the card. Even ATM withdrawals are also free-of-cost. Users can enjoy up to 2% rewards paid out either in BTC or Nexo. They are linked to the Loyalty tier which is Base, Gold, Platinum, and Silver.
No limits have been set for users on spending or withdrawing from the open credit line. Interest is charged only on the credit spent. It has been stated by Nexo that those customers who have a loan-to-value ratio of 20% or even less can continue to pay 0% interest. This Nexo crypto-backed payment card will only be available to select European countries presently.
Nexo has partnered with Mastercard as a tech company and payment network, and DiPocket which is the card issuer of Nexo for the new offering in Europe, to offer several innovative features for the Nexo crypto-backed payment card. Let us check out these features.
Features Of The Nexo Crypto-Backed Payment Card
Here are the features that are expected to be included in the Nexo crypto-backed payment card:
- Nexo crypto-backed payment card requires zero minimum repayments, monthly, or inactivity fees.
- Users don’t need to sell their digital assets and can keep them as collateral instead of selling them.
- Users can enjoy seamless access. Users holding the Nexo crypto-backed payment card can add the card to their preferred mobile wallet from the wallet app of Nexo.
- Users can retain ownership of their digital assets along with earning around 2% back in free crypto with every purchase.
Let us gather some information about the three companies that have teamed up to launch the Nexo crypto-backed payment card.
What Is Nexo?
Nexo is among the world’s leading regulated digital assets institutions. The company has a mission to maximize the utility and value of crypto by offering an Exchange service with over 300 market pairs, a high-yield Earn Crypto Interest suite, tax-efficient Instant Crypto Credit Lines, and OTC capabilities and sophisticated trading along with providing the top-tier custodial insurance and military security of the Nexo wallet.
Mastercard is a global tech company in the payments industry. Its mission is to connect and power an inclusive, digital economy benefiting every person and everywhere in the world by making safer, smart, simple, and accessible transactions. Their innovations and solutions use secure data and networks, passion, and partnerships, to help individuals, governments, businesses, and financial institutions realize their potential.
What Is DiPocket?
DiPocket is among the leading providers of embedded payment solutions for Corporates. It is licensed as an e-money institution in the UK and Lithuania. It operates a tier-one ecosystem that provides the highest level of security and resilience. It offers a wide range of customized products like payment cards, Open Banking, card to card payments, UK Faster Payments, and SEPA EUR.
Nexo, DiPocket, and Mastercard have teamed up to launch the Nexo crypto-backed payment card. This post covers all the necessary details about this world’s first card. The Nexo crypto-backed payment card has various features for European customers. Share your views about the world’s first Nexo crypto-backed payment card in the comment section below.