Nexo and Mastercard combine to offer the very first crypto-backed payment card
New crypto payment system or payment support by crypto technology
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Crypto lending platform Nexo has announced that it has teamed up with Mastercard, the global payments firm, in order to launch a world first crypto-backed payments card.
Initially, the card can only be used in selected European countries, but it will be a total game-changer as it will allow its users to spend on the card while not selling any of the crypto assets held on their account. These assets will just be used as collateral to back the credit on the Nexo card.
The partnership with Mastercard gives Nexo access to 92 million merchants worldwide and allows holders of the card to spend up to 90% of the fiat value of the crypto assets they hold on the Nexo platform.
According to a representative of Nexo:
"The card requires no minimum repayments, monthly, or inactivity fees. There are no …