Nexo, Mastercard, DiPocket launch a credit card


Nexo, a Swiss platform that provides instant cryptocurrency-backed loans, has launched a cryptocurrency Mastercard in select European markets, the company announced on Wednesday (April 13).

Nexo Card has partnered with Mastercard and DiPocket, a London-based e-wallet, giving customers access to crypto-powered liquidity on over 92 million e-commerce sites globally. The card allows users to spend without selling their digital assets, according to the announcement.

Nexo has partnered with DiPocket, Nexo’s card issuer for the Europe offering, while Mastercard will provide the payment network for a variety of features.

The Nexo card is linked to an encrypted line of credit from Nexo with a zero interest rate. Cardholders can use their digital assets as collateral rather than selling them. The line of credit can use multiple assets as collateral, including Bitcoin, Ethereum, and Tether, the announcement says.

There are no minimum repayments, monthly or inactivity fees. Additionally, there are no foreign exchange (FX) fees up to 20,000 euros (about $22,000) per month, and there are 2% crypto rewards.

“This unique product will allow millions of people… to spend instantly without having to give up the potential of their cryptocurrencies, providing unprecedented everyday utility for the emerging asset class,” said Antoni Trenchev, co-founder and managing partner of Nexo, in the announcement.

Last month, Nexo introduced Nexo Ventures, a Web3 investment and acquisition fund.

Read more: Today in crypto

Nexo plans to invest $150 million in long-term commitments across a range of early-stage retail and institutional projects across five areas, including Web3, Decentralized Finance (DeFi) innovation, Metaverse, non-fungible tokens (NFT) and GameFi, payments and trading infrastructure and compliance solutions.

In February, Nexo stopped paying interest on new deposits and planned to offer a new product.

See more : Crypto Lender Nexo Stops Interest on New Deposits

The announcement came after a U.S. Securities and Exchange Commission (SEC) settlement with BlockFi over a similar product.



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