Crypto lender Nexo has teamed up with global payments company Mastercard (MA) and DiPocket to launch the world's first crypto card in Europe that allows users to spend without selling their cryptocurrencies.
Nexo said that the card, which is available in selected European countries, will give its users access to cryptocurrency-powered liquidity across 92 million merchant sites worldwide.
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.
The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to €20,000 per month.
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."
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.
"Mastercard recognizes that digital assets are revolutionizing the financial landscape," said Raj Dhamodharan, Mastercard's head of crypto and blockchain products and partnerships.
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