- Nexo has launched a versatile crypto payment card for EEA citizens, offering both debit and credit modes with attractive benefits
- The card facilitates debit transactions with stablecoins and provides up to 9% annual interest, while credit transactions use crypto collateral, offering 2% cashback
- With no monthly or inactivity fees, generous ATM withdrawal limits, and compatibility with Apple Pay and Google Pay, the Nexo Card is a good step forward for crypto adoption
Crypto lending platform Nexo has launched a new crypto payment card which boasts a ‘dual mode’ that allows users to switch between debit and credit card functionality. The new Nexo Card, which is available exclusively to citizens of the European Economic Area (EEA), marks a development in the cryptocurrency payment space, offering users the ability to utilize both debit and credit features with a range of benefits.
Good Advantages and Low Fees
The new dual-mode Nexo Card was unveiled yesterday, more than four years after its first iteration hit the virtual shelves. The new version allows users to conduct debit transactions using their euro, U.S. dollar, and British pound stablecoins at over 100 million merchant terminals globally, with one of the standout features being the promise of up to 9% in annual interest paid on stored balances.
On the credit side, the Nexo Card enables users to utilize major cryptocurrencies, including Bitcoin, as collateral for credit transactions. This feature offers up to 2% cashback and interest rates of 16% per annum on used credit lines. Notably, both debit and credit transactions are instantly converted from cryptocurrency to fiat money when used at terminals with no prior conversion necessary. Custodied assets are insured by Ledger and Bakkt for peace of mind.
The Nexo Card carries no monthly or inactivity fees, no foreign exchange fees for transactions up to 20,000 euros ($21,700) per month, and a monthly ATM withdrawal limit of 10,000 euros ($10,800). Users who pass Know Your Customer verification checks will receive both a virtual and physical card, both of which can be linked to Apple Pay and Google Pay.
Crypto Cards Have Evolved
The Nexo Card leverages an existing payment infrastructure provided by Mastercard and DiPocket, building on the exchange’s previous launch of a crypto credit line card in April 2022. This card empowers users to spend without liquidating their digital assets, as they only need to provide their cryptocurrencies as collateral, all while enjoying 2% rewards on every credit mode purchase and zero fees.
Crypto cards have come a long way since the first ones appeared in 2017, with usage now more streamlined than ever, and they remain one of the key arrows in the quiver of mainstream adoption for the crypto sector.
