Nexo, a leading regulated institute for digital assets, has today launched the first crypto-backed MasterCard card called Nexo Card. Nexo launched the card in partnership with Mastercard and DiPocket.
The card is expected to give Nexo users access to crypto-powered liquidity across 92 million merchant sites across the globe.
Following the launch of the card, the co-founder and Managing Partner at Nexo, Antoni Trenchev, said:
“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.”
The Nexo Card
The Nexo Card is one-of-its-kind since it allows users to spend without having to sell their digital assets.
DiPocket shall be the card issuer in Europe while MasterCard will act as the tech company and payment network on which the card shall run. MasterCard shall also offer several innovative features for the card.
The co-founder and CEO at DiPocket, Fedele Di Maggio, 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.”
Some of the Nexo Card features include:
- It is available in both virtual and physical forms – Users can choose to use a physical card or a virtual card that is directly integrated into both Apple Pay and Google Pay
- Zero fees – Users will not pay any minimum monthly, repayments or inactivity fees and there are also no FX fees for transactions worth up to €20,000 per month.
- 2% crypto reward – Users will receive an instant crypto cashback either in Nexo’s native token NEXO or in Bitcoin for every purchase transaction. This allows users to increase their digital assets while spending using the card.
- Use crypto as collateral rather than selling them – Users will be able to use their crypto assets without selling them since the card is linked to a Nexo crypto-backed credit line that doesn’t charge any interest.
In the next phase of Nexo Card development, Nexo plans to add a debit card and also expand the offering across the world.