World first’ crypto-backed payment card launched by Nexo and Mastercard.
Nexo is partnering with Mastercard and DiPocket to introduce the first crypto card in Europe that permits users to spend without selling their digital assets.
The leading regulated institution for digital assets, Nexo officially introduced the Nexo Card, a first-of-its-kind crypto-backed Mastercard card, in select European markets.
About the launch, Nexo is partnering with Mastercard and DiPocket, giving its users access to cryptocurrency-powered liquidity across 92M+ merchant sites worldwide. .
The Nexo Card is the first card that permits users to spend without having to sell their digital assets.
Nexo has teamed up with pocket, Nexo’s card issuer for the new offering in Europe, and Mastercard since the tech company and payment network, to offer various innovative features for the Nexo Card: Your Crypto Stays: The Nexo Card is linked to a Nexo-provided, crypto-backed credit line that stays and starts at 0% APR *.
It allows cardholders to use their digital assets as collateral rather than selling them. The credit line is vibrant and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether. Zero Fees: The card requires no minimum monthly or inactivity payments.
There are no FX fees for up to EUR20,000 per month. 2% Crypto Rewards: Every Nexo Card transaction is equipped with instant crypto cashback, paid out in Bitcoin or Nexo’s native NEXO Token.
This means users can retain ownership of their digital assets. Still, they also earn up to 2% back in free cryptocurrency with each purchase, which comes to be automatically accessible in their Nexo account.
Seamless Access: Available in virtual and physical form, the Nexo Card comes with direct Apple Pay and Google Pay integrations.
Cardholders can add the Nexo Card to their recommended mobile wallet from the Nexo Wallet App with a few taps.
Additional virtual cards come at no cost.
Thanks to the advanced infrastructure offered by DiPocket and Mastercard, the Nexo Card will be accepted by 92 million merchants worldwide where Mastercard is approved, allowing investors to spend up to 90% of the fiat value of their crypto in seconds without selling any of it.
Antoni Trenchev, Co-founder and Managing Partner at Nexo, commented: ” 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.
” Fedele Di Maggio, Co-founder and CEO at DiPocket said: ” DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets. Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers.”
World first’ crypto-backed payment card launched by Nexo and Mastercard
Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships, said: ” Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people one-of-a-kind and new choices in how they pay and activate their crypto holdings.
We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
Earlier this year, Nexo completed a partial roll-out of the Nexo Card in select European countries, targeting a focus group that generated extraordinary interest and transaction volume, proving there is high demand for this financial product.
In the coming stages of the Nexo Card’s development, the Company is planning to add a debit-type card functionality and expand the offering internationally, among many other upgrades.
* Nexo’s zero-cost credit is available to eligible Nexo clients who keep a Loan-to-Value (LTV) ratio of 20% or below. About Nexo, Nexo is the world’s leading regulated digital assets institution.
The Company’s mission is to maximize the value and utility of cryptocurrencies by providing an Exchange service with 300+ market pairs, tax-efficient Instant Crypto Credit Lines, a high-yield Earn Crypto Interest suite, and sophisticated trading and OTC capabilities while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet.
Nexo has processed $80+ billion for 4,000,000+ users across more than 200 jurisdictions.
Visit nexo.io to learn more. About Mastercard (NYSE: MA).
Mastercard is a global technology company in the payments industry.
Our goal is to connect and power an inclusive, digital economy that benefits everyone by making transactions safe, easy, smart, and accessible.
Our innovations and solutions use secure data and networks, partnerships, and a passion for helping individuals, financial institutions, governments, and businesses realize their greatest potential.
Our decency quotient, or DQ, drives our culture and everything we do inside and outside our Company. With connections across more than 210 countries and territories, we build a sustainable world that unlocks priceless probabilities for all. www.mastercard.com. About pocket.
DiPocket is a leading provider of embedded payment solutions for Corporates. Licensed as an e-money institution in Lithuania and the UK, DiPocket operates a tier-one ecosystem providing the highest resilience and security.
The Company’s offer complements that of traditional banks with a broad range of customized products, including but not limited to payment Cards, card to card payments, SEPA EUR and UK Faster Payments, and Open Banking.
Disclaimer: The information provided in this release should not be regarded as investment or financial advice. Crypto-backed loans combined with high market volatility may expose you to risk.
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