Nexo launches the first card backed by a crypto line of credit with Mastercard and DiPocket
VILNIUS, Lithuania–(BUSINESS WIRE)–Nexo, the leading regulated institution for digital assets, today officially launched the Nexo Card, the first-of-its-kind crypto Mastercard card, in select European markets. For the launch, Nexo is partnering with Mastercard and DiPocket, giving its users access to cryptocurrency-powered liquidity at over 92 million merchant sites globally.
The Nexo Card is the world’s first card that allows users to spend without having to sell their digital assets. Nexo has partnered with DiPocket, Nexo’s card issuer for the new offering in Europe, and Mastercard as technology company and payment network, to deliver various innovative features for the Nexo card:
- Your Crypto Stays: The Nexo card is linked to a crypto line of credit provided by Nexo which starts and stays at 0% APR*. It allows cardholders to use their digital assets as collateral rather than selling them. The line of credit is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether.
- Zero fees: The card requires no minimum repayment, monthly fees or inactivity fees. There are no exchange fees up to €20,000 per month.
- 2% crypto rewards: Every Nexo Card transaction is equipped with instant crypto cashback, paid in Bitcoin or Nexo’s native NEXO Token. This means users can not only retain ownership of their digital assets, but they also earn up to 2% in free cryptocurrency with every purchase, which automatically becomes available in their Nexo account.
- Seamless access: Available in both virtual and physical form, the Nexo card comes with direct Apple Pay and Google Pay integrations. Cardholders can add the Nexo card to their preferred mobile wallet from the Nexo Wallet app with just a few clicks. Additional virtual cards are free.
Using the advanced infrastructure provided by DiPocket and Mastercard, the Nexo Card will be accepted by 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto in seconds. without selling anything.
Antoni Trenchev, co-founder and managing partner of Nexo, commented:
“The launch of the Nexo card in Europe in partnership with Mastercard and DiPocket is a significant milestone for us and the latest proof of the immense synergy between the existing 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, thus providing unprecedented daily utility for the emerging asset class.
Fedele Di Maggio, co-founder and CEO of DiPocket, said:
“DiPocket is delighted to have been selected as the issuer of the Nexo card, a truly innovative solution designed to meet the needs of millions of investors in digital assets. Our partnership in this project with Nexo and Mastercard is a distinctive example of the how DiPocket’s integrated financial technology enables forward-thinking companies to deliver value and convenience to their customers.
Raj Dhamodharan, Head of Crypto and Blockchain Products and Partnerships at Mastercard, said:
“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. We are excited to continue innovating in payments by making digital assets more accessible across the ecosystem. »
Earlier this year, Nexo completed a partial rollout of the Nexo Card in select European countries, targeting a focus group that has collectively generated extraordinary interest and transaction volume, proving that there is strong demand for this financial product. . In the next stages of Nexo card development, the company plans to add debit card functionality and expand the offering internationally, among many other upgrades.
*Nexo No-Fee Credit is available to eligible Nexo customers who maintain a loan-to-value (LTV) ratio of 20% or less.
Nexo is the world’s leading regulated digital asset institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering an exchange service with over 300 market pairs, tax-advantaged crypto instant lines of credit, high-end crypto interest suite yield and sophisticated trading and over-the-counter capabilities while delivering the best-in-class custodial assurance and military-grade security of the Nexo Wallet. Nexo has processed over $80 billion for over 4,000,000 users in over 200 jurisdictions. Visit nexo.io to learn more.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunity for all.
DiPocket is a leading provider of in-vehicle payment solutions for businesses. Licensed as an e-money institution in Lithuania and the UK, DiPocket operates a Tier 1 ecosystem offering the highest level of resilience and security. The Company’s offering complements that of traditional banks with a wide range of customized products, including but not limited to payment cards, card-to-card payments, SEPA EUR and UK Faster Payments and Open Banking.
Disclaimer: The information provided in this press release should not be considered investment or financial advice. Crypto lending combined with high market volatility can put you at risk.