The digital asset platform, which offers crypto-backed loans – Nexo – partnered with Mastercard and DiPocket to launch the first cryptocurrency card in Europe that enables customers to spend without selling their holdings. By collaborating with the payment providers, Nexo granted its users access to over 92 million merchant sites worldwide.
Enter Nexo Card
According to a document seen by CryptoPotato, the new feature (dubbed Nexo Card) is linked to a Nexo-provided, crypto-backed credit line that stays at 0% APR. It allows clients to employ their holdings as collateral instead of selling them.
“The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether,” the document reads.
Nexo Card requires no minimum repayments. There are also no foreign transaction (FX) fees for up to $20,000 per month.
The card provides instant crypto cashback, paid out in Bitcoin or Nexo’s native token. As such, customers can earn up to 2% back in free digital assets with each purchase.
Nexo Card is available both in virtual and physical form as it comes with direct Apple Pay and Google Pay integrations. Ordering additional virtual cards is for free.
Antoni Trenchev – Co-Founder and Managing Partner at Nexo – summarized the advantages of the new product:
“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.”
Commenting on the collaboration was also Mastercard’s Head of Crypto and Blockchain Products – Raj Dhamodharan. He said his company believes digital assets are “revolutionizing the financial landscape.” Partnering with Nexo could deliver people “one-of-a-kind choices” in how they interact with their crypto possessions, he concluded.
Nexo’s Endeavors in 2022
In January, Nexo shook hands with Bakkt Holdings. As part of the agreement, the latter vowed to custody a portion of Nexo’s Bitcoin and Ethereum stash in its Warehouse.
In March, the company launched a new fund aimed at investing $150 million in Web3-related enterprises and other crypto-focused projects.
Shortly after, Nexo integrated ApeCoin (the native token of the BAYC ecosystem) into its platform. Trading APE is available against BTC, USDT, USDC, USDx, EURx, and GBPx.
Last week, the crypto lender unveiled a digital asset brokerage unit called Nexo Prime. The feature focuses on the needs of institutional clients and provides all the tools necessary to trade, borrow, lend, and securely store their cryptocurrencies in a single product.
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