Nexo Launches Crypto-Backed Credit Card in Europe

Nexo Launches Crypto-Backed Credit Card in Europe


Key Takeaways

Nexo has partnered with Mastercard and e-money wallet provider DiPocket to launch a new card service in Europe.
The Nexo Card will let users borrow and spend fiat using their cryptocurrency holdings as collateral.
The card will be integrated with Google Pay and Apple Pay, offer 2% cashback, and allow for a loan-to-value ratio of up to 90%.

Share this article

Crypto service provider Nexo revealed today that it had partnered with DiPocket and Mastercard to launch a first-of-its-kind card in Europe that will let users collateralize their crypto assets to draw readily spendable fiat loans.

Nexo Launches Crypto Card in Europe

Nexo is releasing a Mastercard card, and customers will be able to get credit by using crypto as collateral.

In a Wednesday press release, Nexo announced that it had partnered with Mastercard and DiPocket to launch the first-in-kind crypto credit card in Europe. The new card, dubbed Nexo Card, will be linked to a crypto-backed credit line supplied by Nexo that will let users borrow and spend fiat currencies without selling their crypto. For clients who maintain a loan-to-value ratio below 20%, Nexo’s credit line will be available at zero cost.

Commenting on the new card launch, Nexo co-founder and managing partner Antoni Trenchev said that the product will help millions of people in Europe and then worldwide leverage their crypto holdings in order to spend instantly without having to sell them. “Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets,” he said in the press release.

According to the announcement, the service will accept multiple crypto assets including Bitcoin, Ethereum, and Tether, as collateral, have dynamic credit lines with no minimum repayment requirements, and charge no forex fees for up to €20,000 ($21,672) per month. The Nexo Card will also be available in both virtual and physical form, integrated with Apple Pay and Google Pay, and offer 2% cashback paid out in Bitcoin or the firm’s NEXO token on every transaction. The firm also revealed that it had completed a successful partial roll-out of the Nexo Card targeting a focus group of consumers in a select group of European countries, showing that there is demand for the product.

Nexo is a leading multinational crypto service provider that lets users exchange, borrow, and stake cryptocurrencies to earn interest on its platform. The firm faced a hurdle last October when the Attorney General of New York State ordered it and its direct U.S.-based competitor Celsius to shut down operations in the state, contending that their lending products were securities that the companies were not licensed to offer to New York customers.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

A Guide to Yield Farming, Staking, and Liquidity Mining

Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…

Nexo Introduces In-app Cryptocurrency Exchange Service 

Nexo, the leading regulated financial institution for digital assets with over $4 billion in assets under management, today announced the launch of its in-app Nexo Exchange. With this proprietary swap…

Nexo Goes Institutional With Fidelity Partnership

Through the collaboration, Nexo will focus on offering custodial and lending services to the institutional market.  Nexo Announces Institutional Move  Institutions are increasingly looking to join the digital assets space,…

New York Attorney General Orders Two Crypto Lending Platforms Shut

New York Attorney General Letitia James announced today that two “unregistered crypto lending platforms” must cease operations within New York State. The names of the two firms had been redacted…



Source link

Leave a Reply

Your email address will not be published.

© Copyright 2022 CryptoNewsDeals.com
You have not selected any currency to display