According to the cryptocurrency lender, the card will be made with the help of Mastercard and DiPocket.
“In order to pay for goods and services, customers can now use a debit card that is backed by cryptocurrency.”
Says the company Nexo.
In collaboration with Mastercard and DiPocket, the crypto lender is launching the Nexo Card, which, according to the company, grants users access to 92 million companies around the world through the use of the Nexo Card.
According to Nexo, customer purchases made with the card are the first of their kind because they do not necessitate the sale of digital assets by the customer in order to fund the transaction. When a Nexo crypto-backed credit line is applied for, the digital assets of the cardholders are used as collateral. The ability to get credit lines in fiat money and stablecoins so that you can make payments is available.
The card is now available in “some European regions,” following a partial rollout that was completed earlier this year. Although the corporation was repeatedly asked for additional information, it refused to provide any.
Despite the fact that the cryptocurrency industry has developed debit and credit cards that are linked to digital assets, many customers may be put off by the possibility of losing gains made on the cryptocurrency’s value over time.
Nexo’s card, which could make people more likely to use crypto-backed cards for everyday transactions, may be able to reduce some of the risks that come with using crypto-backed cards.
Using this card in conjunction with Apple Pay or Google Pay is a possibility.
For a little more information on Nexo
The annual percentage yield (APY) on a variety of digital assets such as bitcoin, ether, litecoin, bitcoin cash (BCH), Ethereum, EOS, and XRP can range from 6% to 12% depending on the asset. You can earn daily bonuses on your deposits as well as interest rates of up to 12% on major fiat currencies such as the US dollar, euro, and pound sterling for foreign users.
Nexo’s platform, which has more than one million active users and a total of $12 billion in assets under administration, has more than one million active users and a total of $12 billion in assets under administration, according to the company.
A significant amount of growth has occurred in Nexo, one of the world’s leading cryptocurrency loan providers, over the last few years. An online platform cannot achieve this level of success unless it has a strong product, a strong platform, and a strong team of people supporting it on the back end.
Loan platforms are becoming more and more popular as cryptocurrency usage continues to make its way into the general public consciousness.
Using their assets efficiently can increase the value of their possessions without requiring them to give up control over the assets themselves. As a bonus, the annual percentage yields (APYs), which are much higher than the APYs traditional banks offer, as well as the benefits of using a crypto card, are important selling points for crypto investors.