Mastercard and Nexo Launch World’s First Crypto-Backed Payment Card

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By Sam Gazeley | 2Q 2022 | IN-6541

 

A Landmark Moment for the Crypto Market

NEWS


Nexo, an established institution for digital assets, announced that it has entered into a partnership with Mastercard to launch the world’s first crypto-backed payment card to enable users to make purchases without selling their digital assets. Nexo’s zero-cost credit will be available to eligible Nexo clients in Europe initially, enabling clients to use multiple assets as collateral, including Bitcoin, Ethereum, and Tether.

How Will Crypto and Payment Cards Synergize?

IMPACT


The Nexo card will be usable with around 92 million merchants worldwide where Mastercard is already accepted, permitting cryptocurrency investors to spend up to 90% of the fiat value of their crypto porfolios. Furthermore, the Nexo card also comes with Apple Pay and Google Pay integration, reflecting an overall trend in the payments market toward digitization and mobile wallets. Clients with the card can leverage their preferred mobile wallet from the Nexo Wallet App.

Nexo’s current intention is to add debit card functionality to its …

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