World’s first crypto-backed payment card launched

Nexo’s zero-cost credit will be available to eligible Nexo clients in Europe | Photo Credit: Nexo

Nexo, a leading regulated institution for digital assets, is partnering with Mastercard to launch the world’s first crypto-backed payment card that will allow users to spend without selling their digital assets.

(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)

Nexo’s zero-cost credit will be available to eligible Nexo clients in Europe.

The Card is linked to a Nexo-provided, crypto-backed credit line that allows cardholders to use their digital assets as collateral rather than selling them, Nexo said in a release.

The credit line is dynamic and can use multiple assets as collateral, including Bitcoin, Ethereum, and Tether.

The card will be accepted by 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto without selling any of it. Users can also earn up to 2% crypto cash back with each transaction, according to the release.

The Card also comes with direct Apple Pay and Google Pay integrations. Cardholders can add it to their preferred mobile wallet from the Nexo Wallet App.

The company is planning to add a debit-type card functionality to it and expand the offering internationally beyond Europe later.

Our code of editorial values

  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

Printable version | Apr 24, 2022 5:50:26 pm |