WEB3
by BSC News
September 1, 2023
The new card allows users to spend their stablecoins in euros, U.S. dollars, and British pounds at over 100 million merchant terminals globally.
Summary
Decentralized crypto lending platform Nexo on August 31 rolled out a crypto-enabled debit and credit Mastercard tailored exclusively for European Economic Area (EEA) citizens.
Nexo's latest innovation, the Nexo Card, empowers users to utilize their euro, U.S. dollar, and British pound stablecoins for debit transactions across a vast network of over 100 million global merchant terminals. Nexo promises an annual interest rate of up to 9% on stored balances.
For those seeking credit transactions, the Nexo Card uses leading cryptocurrencies such as Bitcoin as collateral. This approach not only grants users up to 2% cashback but also offers competitive interest rates, set at 16% per annum on used credit lines. Crucially, both debit and credit transactions seamlessly convert users' cryptocurrencies into fiat currency when used at terminals. Per Nexo, custodied assets enjoy insurance coverage from Ledger and Bakkt.
Remarkably, Nexo's groundbreaking card imposes zero monthly or inactivity fees, coupled with no foreign exchange charges for monthly transactions up to 20,000 euros ($21,700) and a monthly ATM withdrawal limit of 10,000 euros ($10,800). After successful Know Your Customer verification, users will be issued both virtual and physical cards, both of which can be integrated with Apple Pay and Google Pay. Notably, the card is solely accessible to EEA citizens.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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