Nexo and Mastercard Launch First’ Crypto-backed Payment card

Crypto lender Nexo has partnered global payments company Mastercard to launch what it calls the world’s first “crypto-backed” payment card.

The card will be available in selected European countries.

Nexo said the card allows users to spend without having to sell their digital assets such as bitcoin, which are used as collateral to back the credit granted.

The card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto assets.

There are no restrictions on how much a customer can spend or withdraw from the open credit line and interest is only paid on the amount of credit actually used. Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.

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