Crypto lender Nexo has partnered with Mastercard and peer-to-peer payment startup DiPocket to launch the Nexo Card, a credit facility that allows holders to use their crypto as collateral rather than sell it outright:
Europe Now, Australia (and the Rest of the World) Later
Though currently limited to 29 countries in the European Union as well as the UK, the Nexo Card will eventually be available worldwide, including in Australia. According to Nexo co-founder and managing partner Antoni Trenchev:
This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.
Antoni Trenchev, co-founder and managing partner, Nexo
Nexo anticipates the Nexo Card will be accepted by up to 92 million merchants worldwide where Mastercard is also accepted, allowing investors to spend up to 90 percent of the fiat value of their crypto in seconds without having to part with any of it.
Interest Rate Pegged at Zero
The Nexo Card’s credit line starts and remains at the zero percent annual percentage rate and is the first-of-its-kind crypto-backed Mastercard. It also requires no minimum repayments and incurs no foreign exchange fees for amounts up to 20,000 euros (A$30,000). Like traditional Mastercards, the Nexo Card is available as a virtual as well as a physical card and comes with direct Apple Pay and Google Pay integrations.
“The Nexo Card functions through Nexo’s crypto-backed credit lines, which means that funds for your purchases come from your available credit line while your digital asset portfolio remains intact,” according to a Nexo spokesperson, who added that the collateral is subject to repayments in accordance with Nexo’s terms and conditions.
Late last year, Nexo partnered with Singaporean hedge fund Three Arrows Capital to launch its new NFT-backed lending services, meaning clients can borrow digital assets using NFTs as collateral.
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