Nexo Unveils Revolutionary Crypto Mastercard
- Nexo introduces a groundbreaking crypto Mastercard for EEA residents, combining debit and credit features.
- With the Nexo Card, users can seamlessly switch between debit and credit modes through the app, simplifying spending choices.
- Debit transactions on the card earn up to 9% annual interest on balances, offering a new way to benefit from crypto holdings.
Nexo, the Bulgarian decentralized lending platform, has introduced an innovative crypto-powered Mastercard, merging both debit and credit card capabilities.
This “dual mode” card has been officially unveiled and is now accessible to residents within the European Economic Area (EEA). The card offers a novel solution to the inconvenience of converting cryptocurrency into fiat before making purchases.
Users can seamlessly toggle between debit and credit modes via the Nexo app, allowing real-time adjustments to their spending preferences.
The Nexo Card permits spending of euro, U.S. dollar, and British pound stablecoins through debit transactions at over 100 million worldwide merchant terminals.
The card is a response to challenges faced by crypto holders, including the need to convert digital assets to fiat currency, limited crypto acceptance by merchants, and the complexity of dealing with multiple platforms.
Additionally, Nexo’s credit transactions involve major cryptocurrencies like Bitcoin as collateral, offering a potential 2% cashback and interest rates of 16% annually on utilized credit lines. Both debit and credit transactions directly convert users’ crypto holdings into fiat currency upon usage.
Despite its recent innovation, Nexo faced legal challenges earlier this year when its Bulgarian offices were raided by the police over alleged violations of sanctions and Anti-Money Laundering laws against Russia.
The company has expressed intentions to take legal action against the Bulgarian government for damages incurred due to the incident. It’s important to note that Nexo does not extend its services to Bulgarian residents due to issues with the local government.
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