Nexo Partners With Mastercard, DiPocket for Crypto Card

Daniel Attoe
Daniel Attoe

Updated · Apr 14, 2022

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The lending service’s partnership with Mastercard and DiPocket will offer a card backed by cryptocurrency.

Nexo Card

Nexo, a digital assets lending platform, introduced the “world’s first” crypto-backed payments card, on Wednesday. Dubbed the Nexo Card, it is a result of its partnership with payments leader Mastercard and e-money wallet DiPocket.

The Nexo Card will offer users a credit line backed by cryptocurrency such as Bitcoin. Rather than spend or sell their digital assets, cardholders will be able to use them as collateral. It is available for select European countries.

Antoni Trenchev, Nexo’s co-founder and managing partner, calls the collaboration a milestone:

“Launching the Nexo Card in Europe with Mastercard and DiPocket as our go-to-market partners is a big milestone for us and the latest proof of the immense synergy potential between the existing financial network and digital assets.”

The Nexo Card is completely free of charge. It also comes with several perks, including:

  • No monthly fees
  • No Minimum Monthly Repayments
  • Free ATM withdrawals
  • Free virtual card

In addition, there are no FX fees for up to €20,000 per month.

Metaverse Interoperability

Nexo Ventures also announced its “strategic involvement” in a $150 million funding round by Improbable Worlds. The UK-based gaming startup was raising money for its new project called the M2.

The new entity has an objective that underpins the metaverse — interoperability. The company is aiming to provide the Web3 infrastructure for bridging metaverse worlds and transferring digital assets between them.

Nexo intends to “integrate our portfolio of crypto and digital asset products with Improbable’s Web3 technology in the Metaverse”.

Sources.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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