Bitcoin and crypto: Mastercard is collaborating with Nexo on a payment card

MasterCard 3.0! – The leading cryptocurrency lending company Nexo officially launched an encrypted Mastercard. This allows users to pay for services with cryptocurrencies like Bitcoin without selling their cryptocurrencies. Nexo is finally materializing its crypto-credit card project, which has been under investigation since 2019.

A 3.0 bank card for Nexo

Nexo, affiliated with Mastercard and peer-to-peer payment startup DiPocket launches Nexo Card. This crypto card allows its holders to use their cryptos as security instead of selling them. The card is linked to a cryptocurrency, which Nexo allowsuse multiple cryptocurrencies as security. This new card supports, among others, Bitcoin (BTC), Ether (ETH) and Tether’s stablecoin (USDT). The warranty is subject to a refund in accordance with Nexo’s terms and conditions of use.

“The Nexo card works through Nexo’s encrypted credit lines. Which means the money for your purchases comes from your available line of credit, while your digital asset wallet remains intact. »

Nexo spokesman statement

Mastercard and Nexo are teaming up to launch the Nexo card with security in cryptocurrencies like Bitcoin.
Mastercard and Nexo join forces to launch the Nexo card.

According to the company, the Nexo card’s credit line has an annual percentage rate of 0%. This product is the first crypto-supported Mastercard credit card of its kind. The card also requires no minimum redemption and does not take no exchange fees up to 20,000 euros ($ 21,700). Like traditional Mastercard credit cards, the Nexo card is available as a virtual and physical card. It comes with direct integrations to Apple Pay and Google Pay.

Nexo expects their cards to be accepted by 92 million dealers worldwide. It should work anywhere Mastercard is accepted. This will allow investors to use up to 90% of the fiat value of their cryptocurrencies in seconds without selling anything.

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A bright future for this innovation

The card is already available on “certain European markets”, said Nexo. According to the company’s website, the Nexo card is only available to residents of 29 countries. Belgium, Cyprus, the Czech Republic, Finland, France, Germany, the United Kingdom, among others, are part of this list.

The co-founder and CEO of Nexo, Antoni Trenchev, pointed out that the launch of this new product is crucial for synergy between the traditional financial network and digital assets.

“This unique product will enable millions of people, first in Europe and then globally, to use instantly without having to give up the potential of their cryptocurrencies, providing an unprecedented everyday benefit to the new asset class.”

Antoni Trenchev, co-founder and CEO of Nexo

Nexo launches its bank card based on cryptocurrency guarantees in collaboration with Mastercard.
The Nexo bank card and Bitcoin have a bright future ahead of them.

“Mastercard believes that 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 cryptocurrencies.”

Raj Dhamodharan, Head of Crypto and Blockchain Products at Mastercard

Nexo had started working on this Mastercard based on cryptographic guarantees in August 2019. The company completed a partial use of his card in some European countries earlier this year. Nexo also signed a major partnership with Fidelity Investments’ crypto arm, Fidelity Digital Assets, last year. In fact, the company will cooperation on cryptocurrency services as well as lending services to institutional investors.

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