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by Shawn Amick
Nexo, a lending services provider, has partnered with Mastercard and DiPocket to offer Nexo Card, a credit card backed by bitcoin or other cryptocurrencies.
Nexo, a leading provider for lending services in the digital finance industry, has launched the Nexo Card for select European markets. Backed by Mastercard, customers of Nexo will be able to collateralize their cards with bitcoin or another cryptocurrency without needing to spend their assets, per a press release.
Nexo has partnered with Mastercard and DiPocket in order to launch the product on an at scale. DiPocket will be the card issuer for Europe, and Mastercard will serve as infrastructure and payment processor for the venture. The Nexo Card offers zero fees, 2% rewards, and seamless accessibility.
“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets,” said Antoni Trenchev, Co-founder and Managing Partner at Nexo.
“This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class,” Trenchev continued.
The network and infrastructure provided through Nexo’s partners allows access to 92 merchants worldwide, where Mastercard is accepted, allowing users to spend up to 90% of their fiat value instantly without needing to spend a single sat.
“Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings,” said Raj Dhamodharan, Mastercard’s Head of Crypto and Blockchain Products and Partnerships.
“We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem,” Dhamodharan continued.
Nexo completed a partial roll-out of the card with a targeted audience in select European countries which generated a large interest and caused high transaction volume showcasing a clear demand for the product. The company intends to add debit-card functionality to the Nexo card and they also have international expansion plans with other product upgrades in the pipeline. DiPocket is set to be part of the continued expansion.
“DiPocket is delighted to have been selected as the issuer of the Nexo Card, a truly innovative solution designed to fulfill the needs of millions of investors in digital assets,” Said Fedele Di Maggio, Co-founder and CEO at DiPocket.
“Our partnership in this project with Nexo and Mastercard is a distinctive example of how DiPocket’s embedded finance technology enables visionary companies to deliver value and convenience to their customers,” Maggio concluded.
