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2:49
Nexo launches a cryptocurrency-backed card with Mastercard
Cryptocurrencies have gained an important space in the finances of many people and companies. That is why it was to be expected that methods would begin to appear that would allow buying with them in a simpler way.
Nexo, a company in the cryptocurrency industry, has thought of a solution and, together with Mastercard, launched a card that will allow platform users to buy goods and services through cryptocurrencies.
What is the Nexo card and how does it work?
The “Nexo Card” is a credit card, which is sponsored by Mastercard. This means that it will work anywhere in the world at points of sale affiliated with the Mastercard network. This will also include the purchase of products through the internet and digital services.
According to information from the company itself, this card will have a line of credit, which will be backed by cryptocurrencies. In other words, in order to use it, you need to top it up with funds from your Nexo account.
It has also been known that the card will maintain a rate of 0% per year, that is, totally without commissions. This would become the first Mastercard credit card to be backed by cryptocurrencies.
The card will not have foreign exchange fees, so you can use it internationally regardless of the country's currency.
The card can be used at some 92 million merchants worldwide that belong to the Mastercard network. That is why this is a great move on the part of the company.
It is a very interesting product that will allow customers to pay in a simple way. Best of all, they wo n't have to give up their cryptocurrencies. This is something that users in the crypto world have been asking for for a long time and now it has become a reality.
For which countries will it be available?
At the moment, this card will be available only for 29 European countries and this is because it is going to be in a testing phase. This will allow knowing the receptivity to subsequently launch the card worldwide.
This will be available in physical format and in digital format, so you will be able to choose the one that suits you best. It was also known that it can be integrated without any problem in Apple Pay and Google Pay.
How will this affect the cryptocurrency market?
This movement by Nexo is very important, since it may open the possibility for Mastercard to increase its cooperation with other companies. In other words, cryptocurrency-backed cards may become more common.
There are many other companies that have tried to launch cards of this type without much success. However, the fact that Nexo has achieved it marks a before and after and this is something that would benefit all users in the crypto world.
