Nexo Partners Mastercard To Roll Out Crypto Credit Card

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Crypto loans company Nexo has entered into a deal with MasterCard to roll out a co-branded crypto credit card, which is claimed to be the world's first.

The co-branded card can help users spend the value of the digital assets held by them in the Nexo account. The digital assets could be cryptocurrencies, Nexo tokens, tokenized assets, utility tokens and VR/gaming tokens.

Additional credit will be automatically available on the card as and when cryptocurrency value increases. Users can clear their dues by paying back directly or by selling their holdings in future.

The crypto assets are secured by SEC-approved custodian BitGo, which provides cold storage wallets. These custodial assets are also covered for up to $100 million by the London-based insurance company Lloyd's.

The crypto credit card, which makes payments in local currencies, neither charges any fees nor requires minimum monthly repayment.

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