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Kay Adeoti
Apr 19, 2022
by Kay Adeoti

MasterCard Partners With Nexo And DiPocket To Launch Nexo Card

MasterCard Nexo Card
Mastercard has partnered with Nexo, a cryptocurrency lending platform, and DiPocket, a financial app and card issuer, to introduce a new payment card, called the Nexo Card, that will allow users to spend up to 90% of the value of their crypto assets held as collateral without having to sell them. With the help of this partnership, virtual digital assets have a good chance of becoming widespread.

What is NexoCard?

The payment card by Mastercard, called Nexo Card, is being marketed as the first "crypto-backed" payment card in the world. This card will only be accessible in a few select European countries, but it may be used anywhere Mastercard is accepted, which includes the 92 million merchants that accept Mastercard worldwide.

There are no minimum repayments, monthly fees, or inactivity fees associated with the Nexo Card. In addition, there are no limitations on how much a consumer can spend or remove from an open credit line, and interest is only charged on the amount of credit that is actually used. Customers with a loan-to-value ratio of 20 percent or less pay no interest on their mortgages. 

Apart from the 2% crypto rewards users can earn on every transaction, there is no requirement for a minimum monthly payment, and users can refund their debt using the Nexo app with any cryptocurrency, including Bitcoin, Ethereum, and a wide range of other supported currencies. A free virtual card, which can be used on the Nexo App or through integration with Apple Pay and Google Pay, is also available.

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MasterCard Partners With Nexo And DiPocket To Launch Nexo Card
Kay Adeoti
Kay is a content specialist who has a particular interest in the finance and cryptocurrency industries, among others. He is a frequent contributor to a number of finance and cryptocurrency-related websites, where he offers readers with informative and educational articles on the cryptocurrency and financial markets. Aside from that, he is an avid supporter of blockchain technology.

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