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Nexo and Mastercard launch 'world first' crypto-backed payment card

2022-04-15 18:19 by
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Crypto lender Nexo has teamed up with global payments company Mastercard (MA) and DiPocket to launch the world's first crypto card in Europe that allows users to spend without selling their cryptocurrencies.

A physical Nexo Card is available, but a virtual card can be quickly activated by linking it to either an Apple Pay or Google Pay account. Ordering additional virtual cards is for free. You can use the card to pay for goods just like a normal credit card, with your available cryptocurrency used as collateral.

Thanks to 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 any of it.

After the partial roll-out of the Nexo Card in selected European markets earlier in 2022, the fintech is planning a raft of upgrades, including the addition of a debit-type functionality, and will look to expand the offering internationally.

Read the full Reuters story -here-


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