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Source: Nexo
Nexo, the leading regulated institution for digital assets, today officially launched the Nexo Card, a first-of-its-kind crypto-backed Mastercard card, in select European markets.
For 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 in the world that allows users to spend without having to sell their digital assets. Nexo has teamed up with DiPocket, Nexo’s card issuer for the new offering in Europe, and Mastercard as 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 starts and stays at 0% APR*. It allows cardholders to use their digital assets as collateral rather than selling them. The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether.
Zero Fees: The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to €20,000 per month.
2% Crypto Rewards: Every Nexo Card transaction is equipped with instant crypto cashback, paid out in Bitcoin or in Nexo’s native NEXO Token. This means users not only can retain ownership of their digital assets, but they also earn up to 2% back in free cryptocurrency with each purchase, which becomes automatically available in their Nexo account.
Seamless Access: Available both 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 preferred mobile wallet from the Nexo Wallet App with a few taps. Additional virtual cards come at no cost.
Thanks to the advanced infrastructure provided by DiPocket and Mastercard, the Nexo Card will be accepted by 92 million merchants worldwide where Mastercard is accepted, 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.”
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 new and one-of-a-kind 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 collectively 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 maintain a Loan-to-Value (LTV) ratio of 20% or below.
Financial Services
