22nd April 2022 (7 Topics)
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World’s first crypto-backed payment card launched
Context
London-based Cryptocurrency lender, Nexo has joined hands with global payments company Mastercard to launch the world’s first “crypto-backed” payment card.
About
About the card:
- Nexo’s zero-cost credit will be available to eligible Nexo clients in Europe.
- The Card is linked to a Nexo-provided, crypto-backed credit line that 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 Bitcoin, Ethereum, and Tether.
- The 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 without selling any of it.
- Users can also earn up to 2% crypto cash back with each transaction.
- The Card also comes with direct Apple Pay and Google Pay integrations. Cardholders can add it to their preferred mobile wallet from the Nexo Wallet App.
- The company is planning to add debit-type card functionality to it and expand the offering internationally beyond Europe later.
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