- Nexo, a digital finance lending service provider, has teamed up with Mastercard and DiPocket to launch a crypto credit card allowing users to collateralize bitcoin and other cryptocurrencies.
- The card allows users to secure bitcoin with 0% APR, no minimum payout, no monthly fees, and earn up to 2% on eligible purchases to be paid for in bitcoin or another cryptocurrency.
- The network and infrastructure available to Nexo through partnerships with Mastercard and DiPocket allow Nexo Card users to access 92 million merchants worldwide.
Nexo, a leading lending service provider in the digital finance industry, has launched the Nexo Card for select European markets. Backed by Mastercard, Nexo customers will be able to collateralize their cards with bitcoin or another cryptocurrency without having to spend their assets, according to a press release.
Nexo has partnered with Mastercard and DiPocket to launch the product on a large scale. DiPocket will be the card issuer for Europe and Mastercard will serve as the infrastructure and payment processor for the company. The Nexo Card offers zero fees, 2% rewards and seamless accessibility.
“The launch of the Nexo card in Europe in partnership with Mastercard and DiPocket is a major milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets,” said Antoni Trenchev, co-founder and managing partner of Nexo.
“This unique product will allow millions of people, first in Europe and then around the world, to spend instantly without having to give up the potential of their cryptocurrencies, providing unprecedented daily utility for the emerging asset class. “, continued Trenchev.
The network and infrastructure provided by Nexo’s partners provides access to 92 merchants worldwide, where Mastercard is accepted, allowing users to spend up to 90% of their fiat value instantly without having to spend a single sat .
“Mastercard believes digital assets are revolutionizing the financial landscape and we are at the forefront of innovation with programs like our partnership with Nexo to give people new and unique choices in how they pay for and activate their crypto holdings” , said Raj. Dhamodharan, Head of Crypto and Blockchain Products and Partnerships at Mastercard.
“We are excited to continue innovating in payments by making digital assets more accessible across the ecosystem,” Dhamodharan continued.
Nexo has completed a partial rollout of the card to a targeted audience in select European countries, which has generated great interest and high transaction volume, demonstrating clear demand for the product. The company intends to add debit card functionality to the Nexo card and also has international expansion plans with other product upgrades underway. DiPocket is expected to be part of the continued expansion.
“DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to meet the needs of millions of investors in digital assets,” said Fedele Di Maggio, Co-Founder and CEO of DiPocket.
“Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s integrated financial technology enables forward-thinking companies to deliver value and convenience to their customers,” Maggio concluded.