Cryptolending platform Nexo announced the release of Nexo Card based on the Mastercard payment system for the European market. The card issuer will be DiPocket.
The #NexoCard is here!
Welcome the only card that lets you spend the value of your #crypto without selling it!#Hodl while you spend with thе one-of-a-kind Nexo Card linked directly with your Instant Crypto Credit Line!
Get yours now!
— Nexo (@Nexo) April 13, 2022
“The launch of Nexo Card in Europe with Mastercard and DiPocket […] is an important milestone for us and the latest proof of the huge synergy potential between the existing financial network and digital assets,” said co-founder of the platform Antony Trenchev.
A card with a credit line in fiat secured by cryptocurrencies (without the need to sell them) does not require minimum payments and maintenance fees. Users will be able to add Nexo Card to Apple Pay and Google Pay, as well as receive cashback in BTC or native NEXO tokens.
The platform allowed users to withdraw funds from an ATM up to 10 times a month, with a limit of up to 10,000 euros. Exchange commissions up to 20,000 euros per month are not charged.
Raj Damodaran, Executive Vice President of Digital Assets,
Blockchain and Partnerships at Mastercard, noted that cryptocurrencies are “revolutionizing the financial landscape.” In his opinion, Nexo offers customers a “one-of-a-kind” way to use cryptocurrency assets.
In February 2022, the FTX crypto exchange announced the release of a Visa debit card and opened a waiting list. Similar announcements were made by online broker Robinhood and hardware wallet manufacturer Ledger .
Visa has previously approved the launch of a similar payment solution by several companies, including Binance , Bakkt , BlockFi , and CryptoSpend .
In 2021, the American exchange Gemini and the Australian platform CoinJar issued cryptocurrency cards with the support of Mastercard.
Recall that in February 2022, Nexo suspended interest accruals on the Nexo Earn Interest product to new customers from the United States.