Nexo and Mastercard Launch Crypto-Secured Payment Cards-Information Technology

Cryptocurrency lending and management platform Nexo said it has partnered with Mastercard to launch the world’s first crypto-secured payment card.

According to Nexo, a payment card called the Nexo Card allows users to make payments without selling cryptocurrency, instead using crypto as collateral. Most traditional credit cards are unsecured and have fixed credit limits.

The Nexo Card has just been launched in the European Economic Area (EEA). According to Nexo, this payment card can be accepted by 92 million Mastercard stores globally and allows investors to spend up to 90% of the fiat value of their crypto assets.

Some of the other features of the Nexo Card include no minimum payments, monthly fees, or fees for not using the card. The card also does not charge foreign currency conversion fees below the limit of 20,000 Euro/month. In addition, the applicable interest rate is 0% for customers with a loan-to-value ratio (LTV) less than or equal to 20%.

“Mastercard is aware that digital assets are revolutionizing the financial sector,” said Raj Dhamodharan, head of crypto and blockchain products at Mastercard.