Nexo and Mastercard have announced the creation of a ‘world first’ cryptocurrency-backed payment card
As digital assets grow more widespread, it is the latest step by crypto and established banking networks to link together.
Nexo, a cryptocurrency lender, announced a partnership with Mastercard to produce the world’s first “crypto-backed” payment card on Wednesday.
As digital assets grow more widespread, it is the latest step by crypto and established banking networks to link together.
The card is linked to a Nexo-provided crypto-backed credit line and can be used at 92 million Mastercard-accepting retailers globally, allowing investors to spend up to 90% of their crypto assets’ fiat value, according to Nexo.
“There are no minimum repayments, monthly fees, or inactivity penalties with this card. For up to 20,000 euros each month, there are no FX fees “Nexo said.
There are no limits on how much a consumer can spend or remove from an open credit line, and interest is only charged on the credit that is spent. Customers with a loan-to-value ratio of 20% or less continue to pay zero percent interest.
“Digital assets are transforming the financial world,” Raj Dhamodharan, Mastercard’s head of crypto and blockchain products and partnerships, said.
Nexo’s card is issued by DiPocket, an electronic money company.
