Nexo unveils Mastercard-backed crypto card for Europe

The crypto lending platform Nexo announced the launch of the Nexo Card powered by Mastercard for the European market. The card will be issued by DiPocket.

The #NexoCard is here!

Welcome the only card that lets you spend the value of your #crypto without selling it!#Hodl while you spend with thе one-of-a-kind Nexo Card linked directly with your Instant Crypto Credit Line!

Get yours now!
1/2https://t.co/saMvEgcgMg

— Nexo (@Nexo) April 13, 2022

“The launch of the Nexo Card in Europe with Mastercard and DiPocket is an important milestone for us and the latest demonstration of the enormous synergistic potential between the existing financial network and digital assets,” said Nexo co-founder Antoni Trenchev.

The fiat-backed credit line secured by cryptocurrency (without the need to sell it) carries no minimum payments and no maintenance fees. Users will be able to add the Nexo Card to Apple Pay and Google Pay, and to receive cashback in BTC or in native NEXO tokens.

The platform allowed ATM withdrawals up to 10 times per month with a cap of 10,000 euros; exchange fees are not charged on up to 20,000 euros per month.

Mastercard’s executive vice president for digital assets, blockchain, and partnerships, Raj Dhamodaran, noted that cryptocurrencies “will revolutionize the financial landscape.” In his view, Nexo offers customers “a one-of-a-kind” way to use crypto assets.

In February 2022, the cryptocurrency exchange FTX announced the launch of a Visa debit card and opened a waitlist. Similar statements were made by online broker Robinhood and hardware wallet maker Ledger.

Earlier, Visa had already approved launching similar payment solutions with several companies, including Binance, Bakkt, BlockFi and CryptoSpend.

In 2021, the American exchange Gemini and the Australian platform CoinJar issued cryptocurrency cards with Mastercard support.

Back in February 2022, Nexo suspended interest accrual on the Nexo Earn Interest product for new US customers.

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