Launching the world’s first cryptocurrency-backed payment card

Nexo said the card, which is initially available in some European countries, allows users to spend without having to sell their digital assets, such as bitcoin, which are used as collateral to back up credit. Most traditional credit cards are unsecured and have a set credit limit.

Nexo explained that the card is linked to a line of credit provided by Nexo and backed by cryptocurrency, and can be used at 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the legal value of their crypto assets.

They added, “The card does not require minimum payments, monthly refunds, or commissions for inactivity. There are no currency exchange commissions up to €20,000 per month.”

There are no restrictions on the amount a customer can spend or withdraw from the open credit limit, and interest is paid only on the amount of credit actually used. Interest remains 0% for customers who maintain a loan-to-value ratio of 20% or less.

“Mastercard recognizes that digital assets are revolutionizing the financial landscape.”Raj Dhamodharan, Head of Crypto and Blockchain Products and Partnerships at Mastercard added.

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