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World’s First Crypto-Backed Payment Card

World’s First “Crypto-Backed” Payment Card:

Crypto lender Nexo has collaborated with Mastercard to launch the world’s first “crypto-backed” payment card.

  • This launch has signaled the move by financial and crypto networks to collaborate as digital assets are becoming more mainstream.
  • Initially, the card will be available in selected European countries.
  • It will allow users to spend without selling their digital assets like bitcoin, as the digital assets are used as collateral to back the granted credit.
  • The crypto-backed credit card can be used at 92 million merchants across the world wherever Mastercard is accepted.
  • Through this card the investors will be able to spend up to 90 percent of the fiat value of the crypto assets that they own.
  • The card requires no monthly, minimum repayments, or inactivity fees. Also, this card has no FX fees for up to 20,000 euros per month.
  • Also, the card has no restrictions on the spending limit of a customer and they can also withdraw from the open credit line.
  • The interest on this card is only paid on the amount of credit that has been used by the customer.
  • The customers who will be maintaining a loan-to-value ratio of 20 percent or less will be charged 0 percent interest.
  • DiPocket an electronic money firm is the card issuer of the Nexo credit card.

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