A major crypto lender, Nexo has partnered with Mastercard to launch the world’s first crypto-enabled payment card. This kindles forth optimism for a crypto economy that doesn’t necessarily have to dismantle the conventional economy totally. With this ambitious collab, virtual digital assets are set to become mainstream. The card will be piloted initially in some EU nations. The crypto backed card is linked to Nexo and can be used at any of the 92 million merchants that accept Mastercard.
Traditional credit cards have a credit line limit that restricts (and thoughtfully so) the consumer. These credit cards are prone to vulnerabilities too. A crypto backed card like the Nexo card would solve some of these issues. The Nexo card has no minimum or monthly fee to begin with, and investors can spend 90 percent of the fiat value of their crypto assets. Upto 20,000 Euros, no FX fee will be charged. The customer has unbridled usage with no restrictions on spends and withdrawal. The interest rates will also be ‘Zero’ percent for the users who maintain a loan-to-value ratio at 20 percent or below. Sweet deal for the crypto fanbois.
The Nexo card also offers upto 2% in rewards in general and upto 0.5% rewards with each BTC earnings.
Here’s how you can get your Nexo card –
- Download the Nexo app from Google or Apple apps store.
- Activate your card by tapping on the ‘activate card’ option.
- Tap on ‘Add to wallet’ to connect to your crypto wallet.