Nexo And Mastercard Have Teamed Up To Launch A Cryptocurrency Card.

Nexo teamed up with Mastercard and DiPocket to offer Europe’s first crypto card, allowing clients to utilize their assets as collateral rather than selling them.

Nexo, a digital asset platform that offers crypto-backed loans, teamed up with Mastercard and DiPocket to introduce Europe’s first cryptocurrency card, allowing clients to spend without having to liquidate their holdings. 

The platform gave its consumers access to over 92 million merchant sites around the world by cooperating with payment providers.

The new feature is tied to a Nexo-provided, crypto-backed credit line with a 0% APR. Rather than selling their assets, clients might use them as collateral.

The Card has no minimum payback requirements. For up to $20,000 a month, there are no foreign transaction (FX) fees.

The card offers quick cryptocurrency cashback, which can be received in Bitcoin or Nexo’s native token. Customers can earn up to 2% back in free digital assets as a result of their purchases.

Nexo Card comes with direct Apple Pay and Google Pay connections and is available in both virtual and physical form. Additional virtual cards can be ordered for free.

The benefits of the new product were described by Antoni Trenchev, the company’s Co-Founder and Managing Partner:

“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets.

This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”

Raj Dhamodharan, Mastercard‘s Head of Crypto and Blockchain Products, also commented on the collaboration. He believes that digital assets are “revolutionizing the financial landscape,”.

He concluded that partnering with Nexo might provide consumers with “unique choices” in how they engage with their crypto assets.

Nexo and Bakkt Holdings shook hands in January. The latter agreed to keep a percentage of Nexo’s Bitcoin and Ethereum in its Warehouse as part of the deal.

The corporation formed a new fund in March with the goal of investing $150 million in Web3-related businesses and other crypto-related ventures.

The digital asset platform soon after adopted ApeCoin (the BAYC ecosystem’s native coin) into their platform. APE may be exchanged for BTC, USDT, USDC, USDx, EURx, and GBPx.

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