World's first crypto-based payment card namely 'Nexo Card' aunched by Nexo.
Nexo lauched the card in partnership with New York-based Mastercard & London-based DiPocket.
London-based DiPocket, an electronic money firm is Nexo's card issuer. While New York-based Mastercard offers various features for this card.
Nexo Card available both in virtual and physical form.
This card allows users to spend without having to sell their digital assets such as Bitcoin, which are used as collateral to back the credit granted.
The card is linked to a Nexo-provider, crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted.
It allows investors to spend up to 90% of the fiat value of their crypto assets.
Nexo card requires no minimum repayments, monthly or inactivity fees.
The card has no foreign transaction fee for up to 20000 euros per month.
The interest is only paid on the amount of credit actually used.
Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.
Every Nexo Card transaction will get instant crypto cashback up to 2%, paid out in Bitcoin or in Nexo's native NEXO Token.