Nexo has launched a new crypto credit card product that will let its customers in the European Union spend money without touching the Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) assets respectively. The new product was floated in partnership with its card issuer DiPocket, and multinational payments company, Mastercard Inc.
With the increasing demand for new avenues to spend crypto, the Nexo card will let users make purchases with the cryptocurrencies which are retained in their Nexo accounts and can be utilized as the user deem fit. The Nexo product is powered by a credit line that is offered by the digital assets company, and with this, users can access and spend up to 90% of their crypto holdings.
“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,” said Antoni Trenchev, Co-founder and Managing Partner at Nexo, commenting on the news.
Nexo Card to Offer CashBacks
Beyond permitting its users to spend their digital currencies in proxy at more than 92 million merchants worldwide, the Nexo card will also pay users a 2% cashback on every purchase made on the platform. Additional benefits are attached to the cards including the application of no FX fees for transactions up to €20,000 per month.
Complementing its recent ecosystem milestones and funding rounds, the new product will only be available to users in Europe at this time, Nexo plans to roll out the card service to other locations around the world. In line with the position of its partners, the ultimate aim is to bring accessibility in emerging payments technology to the broader ecosystem.
“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,” said Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships.