Published: 13.04.2022
Article reading time:
1 min.
Cryptocurrency lending platform Nexo announced plans to issue a card with which customers will be able to take loans secured by cryptocurrencies.
Nexo concluded partnership agreement with the international payment system Mastercard to issue a cryptocurrency payment card for the European market.
The product will be called the Nexo Card and will allow holders to use digital currencies as collateral for a loan. DiPocket will act as the card issuer for European markets.
Nexo co-founder and managing partner Antoni Trenchev called the launch of the crypto card a big step for the company and said that partner companies will allow Nexo to successfully integrate into the existing financial system.
Mastercard’s director of cryptocurrencies and blockchain, Raj Dhamodharan, says cryptocurrencies are “revolutionizing the financial landscape” and Nexo’s offering offers customers a one-of-a-kind way to use crypto assets.
Nexo promises no minimum payments, no monthly maintenance fees, and no inactivity fees from cardholders. There will also be no currency exchange fees for up to €20,000 ($21,600) per month. Moreover, each transaction, as stated by the company, will be equipped with a “crypto cashback” feature, which will be paid either in bitcoin or in the company’s own NEXO token.
Recall that earlier Nexo decided to stop paying remuneration to US customers.
Source: Bits
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