Nexo launches crypto-secured credit card in Europe
Key points to remember
- Nexo has teamed up with Mastercard and e-money wallet provider DiPocket to launch a new card service in Europe.
- The Nexo card will allow users to borrow and spend fiat using their cryptocurrency holdings as collateral.
- The card will be integrated with Google Pay and Apple Pay, offer 2% cashback, and enable a loan-to-value ratio of up to 90%.
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Crypto services provider Nexo today revealed that it has partnered with DiPocket and Mastercard to launch a first-of-its-kind card in Europe that will allow users to collateralize their crypto assets for easily-spendable fiat loans.
Nexo launches the Crypto card in Europe
Nexo is launching a Mastercard and customers will be able to get credit using crypto as collateral.
In a Wednesday Press release, Nexo has announced that it has partnered with Mastercard and DiPocket to launch the first crypto credit card in Europe. The new card, dubbed the Nexo Card, will be linked to a crypto line of credit provided by Nexo that will allow users to borrow and spend fiat currencies without selling their crypto. For customers who maintain a loan-to-value ratio below 20%, Nexo’s line of credit will be available at no charge.
Commenting on the launch of the new card, Nexo co-founder and managing partner Antoni Trenchev said the product will help millions of people in Europe and then around the world leverage their crypto holdings to spend. instantly without having to sell them. “The launch of the Nexo card in Europe in partnership with Mastercard and DiPocket is an important milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets,” he said in the statement. .
According to the announcement, the service will accept multiple crypto assets, including Bitcoin, Ethereum, and Tether, as collateral, have dynamic lines of credit with no minimum repayment requirement, and charge no exchange fees up to €20,000 ($21,672). ) per month. The Nexo card will also be available in virtual and physical form, integrated with Apple Pay and Google Pay, and will offer 2% cashback paid in Bitcoin or the company’s NEXO token on every transaction. The company also revealed that it has completed a successful partial rollout of the Nexo card targeting a group of consumers in a select group of European countries, showing that there is demand for the product.
Nexo is a leading multinational crypto service provider that enables users trade, borrow and stake cryptocurrencies to earn interest on its platform. The company hit a snag last October when the New York State Attorney General ordered it and its direct U.S.-based competitor Celsius to shut down operations in the state, saying that their loan products were securities that the companies were not authorized to offer to New York Clients.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.
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