Nexo, a cryptocurrency loan firm partnered up with payment giant Mastercard to release a crypto-backed payment card. The card will let users to transact and pay for services using crypto without the need to actually sell the crypto.
The pertnership with Mastercard and DiPocket will revolutionize how crypto is used as a medium of payment. It lets the card holders to utilize crypto for payments by using them as a collateral.
The card will be linked with the Nexo instant crypto credit line for making transactions and operations with crypto in real life easier. Users can not tonly utilize bitcoin, but also ether and tether.
“The Nexo Card functions through Nexo’s crypto-backed credit lines, which means that funds for your purchases come from your available credit line while your digital asset portfolio remains intact.
Statement by a Nexo spokesperson
Nexo says HODL
What differentiates Nexo from similiar regular cards is that other similar cards sell the equivalent of what you spend, but Nexo helps you keep your portfolio intact.
According to the official blog post, the card doen’t charge any monthly or annual fees. The card stays true to its one of a kind nature as it doesn’t have any monthly repayment criteria and no exchange fees.
You can get a physical card for payment or directly integrate it with Apple pay or Google pay for making payments. With the collaboration with Mastercard it soon be able to achieve the anticipated acceptance with over 92 million merchants.
“This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”
Co-founder and managing partner Antoni Trenchev
The company’s collaboration with Mastercard and DiPocket will let the company to reach the global users and merchants faster, making spending with crypto easier.