Nexo partners with Mastercard to introduce crypto cards in Europe that will allow customers to use their assets as collateral instead of selling them so let’s read more today in our latest cryptocurrency news.
The digital asset platform offers crypto-backed loans and Nexo partnered with Mastercard and DiPocket to launch the first crypto card in Europe which enables customers to spend without selling holdings. By collaborating with the payment providers, Nexo granted users access to 92 million merchants’ sites across the world. According to a document, the new feature is connected to a Nexo-provided credit line which stays 0% APR and allows clients to employ the 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.”
Nexo Card required no minimum repayments and there are also no foreign transaction fees for $20,000 per month. The card provides instant cashback and it is paid out in BTC or Nexo’s native token. The customers can earn up to 2% back in free digital assets with a purchase. Nexo Card is available in virtual and physical form and it comes with Apple Pay and Google Pay integrations and ordered more virtual cards for free. The co-founder of Nexo Antoni Trenchev noted:
“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 the head of the crypto and blockchain Mastercard Raj Dhamodharan and said that the company thinks digital assets are revolutionizing the financial landscape and partnering with Nexo can deliver people a one-of-a-kind choice and how they interact with the crypto possessions. Nexo shook hands with Bakkt holdings and as a part of the agreement, the latter vowed custody of a portion of Nexo’s ETH and BTC stash in his Warehouse. The company launched a new fund aimed at investing $150 million and other crypto-focused projects. Nexo partners with Mastercard but previously it integrated Apecoin into its platform as well. Last week, the crypto lender unveiled a digital asset brokerage unit dubbed Nexo Prime and this feature focused on the needs of the institutional clients providing the tools necessary to trade and lend but also secure their crypto in a single product.
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