New Nexo Crypto Debit Card Lets Users Pay Without Selling Crypto

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New Nexo Crypto Debit Card Lets Users Pay Without Selling Crypto

    • Nexo, a leading cryptocurrency lending company, has officially launched a Mastercard (NYSE:) which is crypto.
    • The company announced on Wednesday that it has partnered with Mastercard and peer-to-peer payment startup DiPocket to launch the Nexo Card.
    • To facilitate these crypto payments, the card will be linked to Nexo’s crypto line of credit.

Nexo, a leading cryptocurrency lending company, has officially launched a Mastercard which is crypto, allowing users to pay for services using their cryptocurrency holdings, without having to sell their cryptocurrency tokens and coins to the prior.

The company announced on Wednesday that it has partnered with Mastercard and peer-to-peer payment startup DiPocket to launch the Nexo Card. By using the Nexo card, users will be able to use their cryptocurrency as collateral instead of selling it, according to Nexo. The warranty will be subject to refunds in accordance with Nexo’s terms and conditions.

To facilitate these crypto payments, the card will be linked to Nexo’s crypto line of credit. This will allow users to use multiple assets as collateral, including Ether (ETH), (BTC), stablecoin (USDT), and a number of other digital assets.

A Nexo spokesperson stated in a recent interview that “The Nexo Card operates through Nexo’s encrypted credit lines, which means that the funds for your purchases come from your available credit line while your portfolio of assets digital remains intact”.

According to the company, the product is the first of its kind, a crypto Mastercard credit card, and the Nexo Card line of credit will begin and remain at the annual percentage rate of 0%. There will also be no minimum repayment requirements and the card will not take any exchange fees up to 20,000 euros, or approximately $21,700.

Nexo predicts that 92 million merchants worldwide, who already accept Mastercard, will also accept the Nexo card. This will allow investors to spend up to 90% of the fiat value of their cryptocurrency in seconds.

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