Nexo, the world’s largest crypto-backed lending platform, today launched the Nexo Card - the first Mastercard credit card backed by a crypto credit line. The new Nexo Card offers users unprecedented spending power and flexibility by drawing on the value of their digital assets without having to sell them.
The Nexo Card is available now to eligible European Union residents through DiPocket, an award-winning fintech company specializing in prepaid cards.
With the Nexo Card, users can spend up to €10,000 per day and withdraw up to €200 at ATMs worldwide. There are no fees for cardholders when making purchases in any currency, including cryptos.
To get started, cardholders simply need to link their Nexo Wallet to DiPocket and deposit the desired amount of digital assets. The credit line is then converted into Euros, which are loaded onto the card.
Users can top up their card balance at any time by transferring additional digital assets to their DiPocket account. The credit line will automatically adjust based on the value of the deposited assets.
The Nexo Card is available in physical and virtual form, with both versions offering the same features and benefits. Virtual cards can be used for online shopping and are delivered instantly, while physical cards are delivered within 5-7 business days.