Nexo and Mastercard launch their first crypto-asset card

Deepak Gupta April 14, 2022
Updated 2022/04/14 at 9:48 AM

Many people are already used to hearing about cryptocurrencies, digital money, cryptoassets, among other concepts. However, everything still seems to be far from being applied and integrated into the daily routine, being just part of a niche market. But is it really so?

According to the latest information, the company Nexo and Mastercard have teamed up to now create their first payment card with crypto assets that will initially be launched in some European countries.

Nexo and Mastercard create their first card with crypto assets

Cryptocurrency lender Nexo announced which joined the popular payment company Mastercard and together launched this Wednesday (13) what they designate as the first payment card, in the European economic area, that supports cryptoassets.

According to Nexo, in a first phase the card will be available for some selected European countries. The card will then allow users to spend without having to sell their digital assets, such as Bitcoins, which are then used as a form of collateral to approve the credit granted.

This card is linked to a crypto credit line provided by Nexo and can be used at 92 million merchants worldwide where Mastercard is also accepted. In this way, according to the lender, the novelty allows investors to spend up to 90% of the value of digital assets in their portfolios. According to Nexus:

The card requires no minimum payments, monthly fees or inactivity fees. There are no exchange fees for up to 20,000 euros per month.

There are no restrictions or limits on how much each customer can spend on the open credit line, and interest is applied only on the amount of credit actually used.

Raj Dhamodharan, Head of Cryptocurrency and Blockchain Products and Partnerships at Mastercard, stated that:

Mastercard recognizes that digital assets are revolutionizing the financial landscape.

The card thus appears at a time when cryptocurrencies are increasingly being talked about, contributing to the growth of their popularity, and when many companies have adapted to this new reality, such as Mastercard itself, which started to support payment with cryptocurrencies in the last year.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *