Photo: NICHOLAS KAMM / AFP / Getty Images
The cryptocurrency lender Nexo partnered with the financial services multinational Mastercard
and has announced, this Wednesday 000 of April , merging traditional wire transfers and digital assets to launch “the first cryptocurrency-backed payment card”.
According to Nexo, this card allows you to offer digital assets as a guarantee to support the credits granted, unlike most traditional credit cards that do not have a guarantee and They have an established credit limit.
In this sense, plastic, available in some European countries, allows users to spend without the need to sell their digital assets, such as bitcoin .
The card is associated with a line of credit backed by cryptocurrencies. By having the association of Mastercard, it can be used in millions of businesses around the world. This allows you to spend up to 90% of the fiat value of your cryptocurrencies.
Among the benefits offered by the new product are up to 2% in crypto rewards on all transactions paid in bitcoin or Nexo, crypto credit from 0% annual interest rate, instant access to the line of credit, no monthly fees, monthly charges or annual or due to inactivity.
The company website also mentions up to 10 Free monthly withdrawals at ATMs with a monthly limit of up to €10,000 euros (about $10,700 dollars) and zero fees with no exchange fees currency up to €20,000 euros (about $54,700 dollars) per month.
Nexo and Mastercard are betting on joining forces as digital assets become more mainstream and more relevant in the world of transactions .
This is not the first time Mastercard has worked with cryptocurrencies. At the beginning of 2021 the company based in Purchase, New York, announced the admission of cryptocurrencies in its network, as long as they comply with consumer protection standards.
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