After introducing the project back in the year of 2019, Nexo has finally completed the project and have started the issuance of its special cryptocurrency MasterCard.
New Crypto MasterCard
Cryptocurrency loaning firm, Nexo has released its new cryptocurrency card in Partnership with payment firms including, MasterCard and DiPocket, after nearly 3 years of development. Although this might seem something very generic at this point, but there is a standalone feature of this special card that separates it from the others. Users of the Nexo cryptocurrency MasterCard can utilize the card to pay for products and services using cryptocurrencies, without having the need to sell their own cryptocurrency holdings.
Highlighted Features
According to an official announcement from Nexo, this new cryptocurrency payment card gives users the ability to utilize their crypto holdings as collateral instead of selling them off. The crypto MasterCard is connected to the Nexo powered crypto supported credit line, that allows it to utilize crypto holdings as collateral, supporting a variety of other cryptocurrencies other than the most popular ones such as, Bitcoin and Ethereum.
A representative from Nexo shared more information about the crypto MasterCard, stating that the funds that you use to buy products and services originate from your own credit line, meanwhile “your digital asset portfolio” stays secure. The representative added that the collateral is determined according to the relevant terms and conditions set by Nexo.
No Additional Charges
Nexo also revealed some very interesting features of the service, highlighting that the starting and ending point of the credit line stays persistent at 0%, with no minimum repayments and no foreign exchange charges which can go quite high. The Nexo Mastercard is available in both virtual and physical form and has built in support for popular services like Apple Pay and Google Pay.
Global Presence
Nexo thinks that this new crypto MasterCard will be a huge hit and is expected to be used by millions of people around the globe, in the regions where MasterCard Is operating, helping investors to use nearly 90% of their crypto holding’s fiat value, without having to sell their holdings. As for now the crypto MasterCard is supported in 29 countries.
Driving Innovation
Co-Founder at Nexo, Antoni Trenchev mentioned that this new crypto MasterCard is vital to develop connections between traditional currencies and digital assets. Chief of crypto and blockchain at MasterCard, Raj Dhamodharan also commented that MasterCard thinks that digital assets are bringing a huge change in the financial space and the company is “leading in innovation” with projects such as this new integration with Nexo, that will allow people to take advantage of their cryptocurrency holdings.
