Nexo Introduces Crypto-Backed Mastercard Exclusive to EEA Residents

Summary

• Nexo, a decentralized crypto lending platform, has launched a crypto-enabled debit and credit Mastercard for EEA residents.
• The card allows users to spend their euro, U.S. dollar, and British pound stablecoins at over 100 million merchant terminals worldwide.

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.