Mastercard partners with Nexo to launch cryptocurrency card in Europe
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Mastercard (NYSE:MA) on Wednesday has teamed up with Nexo, a digital asset institution, and DiPocket, a payment solutions provider, to roll out a cryptocurrency card in certain European markets.
The so-called Nexo Card, which allows users to spend without selling their cryptos, will be accepted by 92M merchants worldwide where Mastercard (MA) is welcomed.
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Nexo Card offers a variety of features such as "Your Crypto Stays," meaning the card is linked to a crypto-backed credit line that maintains a 0% annual percentage rate, which allows cardholders to use their cryptos as collateral rather than selling them. Other features include zero fees, 2% crypto rewards and seamless access.
Note that Nexo's zero-cost credit is available to clients who maintain a loan-to-value ratio of up to 20%.
In Nov. 2021, Mastercard partnered with digital asset service providers to launch crypto-linked payment cards in the Asia Pacific.