Nexo launches first crypto-backed Mastercard

Nexo (NEXO/USD), the leading regulated institution for digital assets, has launched the Nexo Card, the first crypto-backed Mastercard card in the world. It’s available in select European markets, Invezz learned from a press release.

Nexo is partnering with Mastercard and DiPocket for the launch, providing users with access to cryptocurrency-powered liquidity across 92M+ merchant sites worldwide.

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Features of the card

Zero Fees: The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to €20,000 per month.

Credit line with digital assets as collateral: The Nexo Card is linked to a Nexo-provided, crypto-backed credit line that enables cardholders to use their digital assets as collateral rather than selling them.

The credit line can use assets such as Bitcoin (BTC/USD), Ethereum (ETH/USD), and Tether as collateral, among others.

Seamless Access: 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.

2% Crypto Rewards: Every Nexo Card transaction comes with instant crypto cashback, paid out in Bitcoin or in Nexo’s native token. This means users earn up to 2% back in free cryptocurrency with each purchase apart from retaining ownership of their digital assets.

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.

Fedele Di Maggio, Co-founder and CEO at DiPocket, said:

DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets. Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers.

Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships, said:

Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings. We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.