Crypto-Backed Payment Card by Nexo & Mastercard – What Does It Mean for You?
Nexo, the premier regulatory institution for digital assets, announced the formal launch of the Nexo Card, a first-of-its-kind crypto-backed card, in key European countries. Nexo is working with DiPocket and Mastercard for the launch, allowing its people to get exposure to cryptocurrency-powered solvency across 92 million merchant sites globally.
The rise in the number of cryptocurrency exchanges substantiates such a launch. It is evident from the higher subscription of the people for the cryptos across the geographies. There are numerous players like who are helping provide solutions to trade cryptos seamlessly. You can visit OKX website to get more information.
First of a Kind
The Nexo Card is the world’s first service that enables customers to buy without selling their digital assets. Nexo has collaborations with DiPocket, which will issue the new offerings in the European market. Also, collaborations with Mastercard will help the tech business and payment network to provide several novel features for the Nexo Card:
- The card allows the users to get access to a credit line starting from a 0 percent charge and remain the same throughout. It supports several digital assets to back as collateral.
- There is no minimum payment requirement for the card, and you will not have to pay fees up to a pre-approved amount of 20 thousand euros per month.
- Every card transaction will fetch 2% rewards, and there is an option to get back instant crypto cashback. These payments happen through Bitcoin or in any native coin part of NEXO. Thus, you can retain the ownership of the cryptos and at the same time earn back 2% free cryptos on every transaction. These added cryptos become automatically available in your NEXO account.
- There is effortless access that is available for physical and virtual forms. You can integrate the cards with Google Pay and Apple Pay. There is also an option to add the card to your mobile wallet for the preferred choice of cards. Additional cards do not come at any added costs.
Mastercard and DiPocket help provide advanced infrastructure and can get processed across millions of merchants worldwide. The users have an option to utilize up to 90% of their currency value without devaluing their crypto value.
According to the co-founder and Managing Partner at Nexo, Antoni Trenchev,
“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets. This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without giving up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”
According to CEO and co-founder at DiPocket, Fedele Di Maggio, “DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets. Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers.”
According to Mastercard Crypto’s Head, Raj Dhamodharan, “Mastercard believes that digital assets are revolutionizing the financial landscape, and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings. We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
Current Target Market
Nexo executed a limited roll-out of the Nexo Card in certain European nations earlier this year, targeting a focus group that created unusual curiosity and transaction data, demonstrating the great demand for this financial instrument. In the following stages of Nexo Card development, the business intends to provide debit-type card capability as well as expand the product globally, among other enhancements.
Nexo is the world’s premier institution for regulated digital assets. The mission of the company is to maximize the value and utility of cryptocurrencies by providing a payment system with numerous market pairs. These can include tax-efficient Instant Crypto Credit Lines, a high-yield Earn Crypto Interest suite, and intricate trading and capabilities, all while providing the Nexo Wallet’s top-tier custodial insurance and military-grade security. Nexo has handled over $80 billion for over 4 million consumers in over 200 countries.
Mastercard is a payment technology firm with a global presence. With a lot of contributions that are secure, easy, smart, and accessible, they hope to connect and fuel an open, digital infrastructure that helps everyone, everywhere.
Mastercard has a secure network that supports encrypted data transfer for its users. The zeal to drive financial services through innovation, partnership, and passion is at the core of their philosophy. Their solutions will make the processes untaken by the government, business establishments, and individuals seamless.
The DQ or decency quotient of Mastercard drives the deep-rooted process and culture at the company. They have a network that includes more than two hundred and ten countries and territories. They support a sustainable environment for all the communities to thrive and prosper. It can ultimately help to provide numerous possibilities for everyone.
Embedded payments solutions for various business houses are a key proposition of the offerings by DiPocket. They help support the corporates to get access to payment solutions.
The company holds an e-money institution license in the UK and Lithuania. Their operations are mostly around providing highly resilient and secure transactions via tier-one ecosystems. These offerings are in-sync with traditional banking systems and can even get customized.
It is worth mentioning that such customization options provided by the company help cover numerous offerings and can include a card to card payments, open banking, payment Cards, UK Faster Payments, SEPA EUR, etc.
The expertise of all three players put together will provide the users with a plethora of services. How the end consumers perceive the product will be clear in the days ahead.