Payment company Mastercard has teamed up with cryptocurrency lender Nexo to develop and launch the very first dual-mode crypto card. The offering is the first of its kind and allows the consumer to utilize either a credit or debit mode for the use of their digital assets.
Indeed, the card allows users to switch depending on what their transactional requirements are, varying between debit and credit modes. Moreover, the cryptocurrency card is available to use at more than 100 million merchants, wherever Mastercard is accepted. Conversely, the arrival approaches after MasterCard has ended its connection with Binance’s crypto card developments.
Also Read: Mastercard Reportedly Cuts Binance Crypto Card Ties
Mastercard And Nexo Announce the World’s First Dual-Mode Crypto Card
The development of the digital asset industry across the globe is becoming ever more interesting. As regulatory standards come into effect, companies have notably explored where they could make use of the technology. Now, one of the largest payment companies on the planet is developing a brand new offering never seen by the industry before.
Specifically, both Mastercard and crypto lender Nexo are set to unveil the very first dual-mode crypto card. Moreover, the card is set to be widely accepted by a host of merchants and can switch between both credit and debit modes. Bringing to life something that crypto card users have not had access to.
Also Read: Mastercard Enlists Ripple, ConsenSys for CBDC Initiative
The dual-mode features were created to aid users in the management of multiple cards. Indeed, many consumers now use a host of different physical and virtual credit and debit cards. Subsequently, the Mastercard and Nexo offerings are poised to aid in that dilemma.
The card will allow its users to spend their stablecoin balance in either euros, the US dollar, or the British pound sterling. Additionally, they are able to withdraw up to €10,000 every month. According to Business Wire, Nexo Co-founder Antoni Trenchev said the card “embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years.”