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.