Nexo, MasterCard, and DiPocket: team up to offer a crypto credit card
Nexo, a prominent regulated entity for digital assets.
Today releases the first crypto-backed MasterCard card named the Nexo Card.
It was developed in collaboration with Mastercard and DiPocket.
It will grant Nexo users access to crypto-powered liquidity across 92 million vendors sites across the globe.
The card will be available to Nexo clients who also hold Nexo Tokens (NEXO).
Following the card’s release, Nexo’s co-founder and Managing Partner, Antoni Trenchev, states:
“It’s a significant moment for us; and the latest example of the tremendous synergy between the existing financial network and digital assets.
When we introduced Nexo Card in Europe with Mastercard and DiPocket.
“We’ve developed something that no one else has done: a global platform for instant payment with cryptocurrencies.
It will enable millions of people, beginning in Europe and then across the globe.
To spend instantly without having to let go of the potential of their crypto assets.
Thus allowing for far greater everyday usage than anything before.”
Nexo is a leading provider of crypto loans; the Token is an ERC20 token built on the Ethereum blockchain.
The Nexo Credit Card
This crypto credit card is the first of its kind; and it represents a major step forward for the mass adoption of cryptocurrencies.
The new Nexo crypto credit card will allow holders to spend their cryptocurrencies anywhere MasterCard is acceptable.
DiPocket is a mobile wallet app that allows users to store, send, and receive cryptocurrencies.
It will be used to power the Nexo crypto credit card.
MasterCard will serve as the technology company and payment network on which the card will run.
While DiPocket shall be the card issuer in Europe, MasterCard will also provide several interesting functions for the card.
The co-founder and CEO at DiPocket, Fedele Di Maggio, says:
“It pleases DiPocket to have been chosen as the Nexo Card’s issuing entity. Since it provides a truly unique approach that addresses the demands of millions of investors in cryptocurrencies.”
“We’re pleased to be working with Mastercard and Nexo on this project.
Which is a real-world example of how DiPocket’s embedded finance technology allows forward-thinking firms; to provide value and convenience to their customers.”
Nexo’s clients are able to spend their crypto funds almost anywhere in the world, as the Nexo Card is a MasterCard.
The card is also useful for online shopping, payments, and ATM withdrawals.
The Nexo Card is already functional in Europe and Nexo plans to release it soon in Asia and the Americas.
Below are some of the features of Nexo Card:
- Users may select between a physical card and a virtual card that links to both Apple Pay and Google Pay.
- There is no monthly, repayment, or inactivity charges, and no FX costs for transactions up to €20,000 a month.
- The card has a 2% crypto bonus; customers who use the card will receive an instant crypto cashback in either NEXO or Bitcoin for every transaction.
- This enables customers to spend more while still acquiring more digital currency by using the card.
- Clients will be able to utilize their crypto assets without disposing them.
- Because the card connects to a Nexo crypto credit line that doesn’t charge interest.
In the next stage of Nexo Card development, will be the addition of a debit card , as well as worldwide expansion.