According to the announcement, the co-branded Nexo MasterCard will allow users to spend stablecoins denominated in euros, US dollars and British pounds in more than one hundred million MasterCard trading terminals around the world.
“The Nexo Card Dual Mode lowers the entry barrier to crypto adoption by addressing the day-to-day problems users now face, such as the need to convert digital assets to fiat before spending,” a Nexo spokesperson said.
Nexo Card will be available only to citizens of EU countries. To receive a plastic card or even a virtual equivalent, users must have an active account on the Nexo platform, as well as successfully pass identity verification.
Neither the physical nor the virtual Nexo cards come with any usage or inactivity fees. However, depending on the level of user loyalty, Nexo plans to introduce certain limits on transactions and withdrawals from ATMs.
In May, California resident John Cress sued crypto lending platform Nexo, alleging that the company deliberately made false statements to “induce him to take out loans.”
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