The adoption of digital currencies has been massive, which has now become more evident with traditional financial service providers such as Mastercard, turning their interests toward offering digital currency payment services.
Recently, in an interesting development, Nexo, the leading regulated institution for digital assets, has partnered with Mastercard to launch a first-of-its-kind crypto-backed payment card. Nexo has partnered with Mastercard and DiPocket to give its users access to digital currency-powered liquidity across 92M+ network of merchant sites.
This update has been widely appreciated by global digital currency users, and the team at Mastercard and Nexo had interesting views about the card.
The co-founder and Managing Partner of 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.”
Raj Dhamodharan, the head of crypto and blockchain products at Mastercard, supported this progress and 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.”
The NEXO Card
The Nexo card is the first card in the world that helps users spend without selling their digital assets. Some of the innovative features of the card include:
- The Nexo card is linked to a Nexo-backed credit line that stays at 0% APR. The cardholders use their multiple assets as collateral for making purchases, such as Bitcoin, Ether and others.
- There is no minimum repayment amount, inactivity or monthly fees.
- Moreover, every transaction will provide holders with an instant crypto cashback of 2% in Bitcoin on NEXO, the native Nexo token.
- The Nexo card is available in physical and virtual forms with support for Apple Pay and Google Pay, along with the Nexo Wallet App.
The Nexo card will be elemental in boosting the adoption of cryptocurrencies and will give the users an ease-of-use while making payments using their digital assets.