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Nexo and Mastercard launch the first crypto-backed card

Friday 15 April 2022 11:02 CET | News

Fintech lending company Nexo and global payment processor and card issuer Mastercard have launched a co-branded crypto-backed payment card.

The Nexo card is designed for those who are passionate about investing in and trading with cryptocurrencies and comes both in a digital and physical form. The virtual card can be quickly activated by linking it to either a Google Pay or an Apple Pay account. The card can be used to purchase goods just like a regular credit card, with the user’s available cryptocurrencies used as collateral, and can be accepted anywhere in Mastercard’s global merchant network.

Withdrawals from ATMs are free, and users will not be charged any monthly, annual, or inactivity fees, as some might experience when joining a crypto trading or exchange platform. However, there is an interest rate attached to the credit with rates arbitrarily determined by Nexo.

Interested clients should also know that all transactions made with the new Nexo card can earn them up to 2% in crypto rewards paid out in BTC, while repaying the balance of the account is done through the app using the available crypto from the user’s account – be it BTC, ETH, USDT, or any other supported cryptocurrency. 

Launched in 2018, Nexo currently manages assets for over 4 million users in 200 territories worldwide and offers lending in more than 40 fiat currencies. 


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Keywords: cryptocurrency, cryptocurrency exchange, partnership, credit card, cashback, loyalty programme, Bitcoin, online payments, ATM, Issuer
Categories: Payments & Commerce
Companies: Apple Pay, Google Pay, Mastercard, Nexo
Countries: World
This article is part of category

Payments & Commerce

Apple Pay

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Google Pay

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Mastercard

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Nexo

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