MasterCard 3.0! – The leading cryptocurrency lending company link officially launched an encrypted Mastercard. This allows users to pay for services with cryptocurrencies like Bitcoin without selling their cryptos. Nexo finally materializes its crypto credit card project, which has been under study since 2019.
A 3.0 bank card for Nexo
Nexo, associated with Mastercard and the peer-to-peer payment startup DiPocket launches the Nexo Card. This crypto card allows its holders to use their cryptos as collateral rather than selling them. The card is linked to a crypto line of credit provided by Nexo allowinguse multiple crypto-assets as collateral. This new card supports among others Bitcoin (BTC), Ether (ETH) and Tether’s stablecoin (USDT). The warranty is subject to refunds in accordance with Nexo’s terms and conditions of use.
“The Nexo Card works through Nexo’s encrypted credit lines. Which means the funds for your purchases come from your available line of credit while your digital asset wallet remains intact. »
Nexo Spokesperson Statement
According to the company, the Nexo card line of credit has an annual percentage of 0%. This product is the first crypto-backed Mastercard credit card of its kind. The card also requires no minimum redemption and does not take no exchange fees up to 20,000 euros ($21,700). Like traditional Mastercard credit cards, the Nexo card is available as a virtual and physical card. It comes with direct integrations to Apple Pay and Google Pay.
Nexo expects its card to be accepted by 92 million merchants worldwide. It should work wherever Mastercard is accepted. This will allow investors to spend up to 90% of the fiat value of their cryptos in seconds without selling any.
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A bright future for this innovation
The map is already available on “certain European markets”Nexo said. According to the company’s website, the Nexo card is only available to residents of 29 countries. Belgium, Cyprus, the Czech Republic, Finland, France, Germany, the United Kingdom, among others, are part of this list.
The co-founder and director of Nexo, Antoni Trenchev, pointed out that the launch of this new product is crucial for synergy between the traditional financial network and digital assets.
“This unique product will enable millions of people, first in Europe and then globally, to spend instantly without having to give up the potential of their cryptocurrencies, providing unprecedented everyday utility for the emerging asset class. . »
Antoni Trenchev, co-founder and director of Nexo
“Mastercard believes digital assets are revolutionizing the financial landscape and we are at the forefront of innovation with programs like our partnership with Nexo to give people new and unique choices in how they pay for and activate their crypto holdings. »
Raj Dhamodharan, Head of Crypto and Blockchain Products at Mastercard
Nexo had started working on this Mastercard card based on cryptographic guarantees in August 2019. The company carried out a partial deployment of his card in some European countries earlier this year. Nexo also signed a major partnership with Fidelity Investments’ crypto arm, Fidelity Digital Assets, last year. In fact, the company wants collaborate on crypto custody services as well as lending services for institutional investors.
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