Key Points:
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…
This website uses cookies.