• Nexo is a leading cryptocurrency lender and has launched a Mastercard (NYSE 🙂 which is crypto-backed.
• They announced Wednesday that Mastercard and DiPocket have joined forces to bring you the Nexo Card.
• To facilitate these crypto-based payments, the card will link to Nexo’s crypto-backed credit line.

Nexo, a major cryptocurrency loan company, has officially launched a Mastercard that is crypto-backed–enabling users to pay for services using their cryptocurrency holdings, without having to sell their cryptocurrency tokens and coins first.

On Wednesday, the firm revealed that Mastercard has partnered with DiPocket (a peer-to-peer payments startup), to create the Nexo Card. Nexo claims that the Nexo Card will allow users to sell their cryptocurrency and instead use it as collateral. The collateral will be subject to repayments in accordance with Nexo’s terms and conditions.

To facilitate these crypto-based payments, the card will link to Nexo’s crypto-backed credit line. It will be possible to link the card with Nexo’s cryptocurrency-backed credit line. This allows users to secure multiple assets, such as Ether (ETH), BTC and USDT stablecoins, along with a variety of digital assets.

A spokesperson for Nexo said in a recent interview that, “The Nexo Card functions through Nexo’s crypto-backed credit lines, which means that funds for your purchases come from your available credit line while your digital asset portfolio remains intact.”

According to the firm, the product is the first of its kind, crypto-backed Mastercard credit card, and Nexo Card’s credit line will start and stay at the 0% annual percentage rate. Additionally, there will be no minimum payment requirements. The card does not require foreign currency fees of up to $21,700.

Nexo predicts that around 92,000,000 merchants will accept Nexo Cards. This allows investors to quickly spend 90% of their crypto’s fiat currency in seconds.

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