Cryptocurrency service provider Nexo has launched a crypto-backed credit card service as a result of a partnership with payment giants Mastercard and DiPocket. European users will be able to access this service primarily. With the development, Nexo’s altcoin project NEXO gained momentum. Here are the details…
NEXO partnered with Mastercard and DiPocket
Lithuania-based cryptocurrency platform Nexo has announced a card service backed by a crypto-backed loan. According to the announcement made on Wednesday, April 13, 2022, Nexo’s users in Europe will be able to make payments using cryptocurrencies and digital assets as collateral. Currently, the venture operates as a crypto lender, providing investors with high returns and returns on strategic interest products. As we have also reported as Kriptokoin.com, Nexo is a regulated digital asset service provider.
Nexo users will have access to a line of credit denominated in traditional fiat currencies such as the Euro and Blockchain-backed stablecoins such as USDC, Bitcoin and Ethereum. In addition, users will have the option to instantly spend up to 90 percent of the value of their token. The new feature is facilitated by an agreement with corporate payment portal DiPocket and global fintech card provider Mastercard.
Altcoin price is on the rise
Speaking about the development, Antoni Trenchev, co-founder and managing partner of the company, highlighted the need to equip investors with tools to pay without actually spending their cryptocurrencies. “The European launch of Nexo Card in partnership with Mastercard and DiPocket is a major milestone for us and the latest proof of the tremendous synergy between the existing financial network and digital assets,” Trenchev said. The card in question may also be physically requested. For NEXO expenditures, 2% of the payments can be recovered.
Apple and Google payment integrations will also be provided. Nexo had previously experimented with the use of crypto credit cards in key European jurisdictions in early 2022. After the latest development, NEXO rose from $2.28 to as high as $2.45. The altcoin, which changed hands at $ 2.42 at the time of writing, has experienced a 2.8% increase in the last 24 hours.
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