Nexo Taps Mastercard to Launch a Dual Mode Crypto Card
Leading cryptocurrency platform, Nexo, has partnered with payment processing giant Mastercard to launch a first-of-its-kind Dual Mode crypto card to enable users to seamlessly handle credit and debit transactions.
According to a press release sent to CryptoPotato, Nexo customers can use the debit mode for daily transactions and switch to the credit mode for larger purchases from more than 100 million worldwide merchants that accept Mastercard.
Nexo Unveils Dual Mode Crypto Card
Nexo described the Dual Mode Card as an example of a customer-first approach and a thoughtful response to users’ daily transactional needs. The ability to toggle between debit and credit modes in one product is more convenient than managing multiple physical and virtual credit and debit cards or separate accounts.
With the new crypto card, Nexo users can tailor their spending to suit their preferences while accumulating up to 9% yearly interest on their holdings to be paid out daily in debit mode and 2% cashback in credit.
Antoni Trenchev, co-founder and Managing Partner at Nexo, said: “By bringing the first-ever Dual Mode crypto card to market, Nexo has further strengthened its position as a leading innovator in the crypto space.
The launch underscores ours and Mastercard’s commitment to proactively meet the evolving needs of our global customer base by introducing a product that resets the standards for what customers can expect from their financial service providers.”
New Card to Use Existing Infrastructure
The new Nexo product will use an already-existing payment infrastructure provided by Mastercard and DiPocket when the exchange launched a crypto credit line card in April 2022. The Nexo Card allows users to spend without selling their digital assets. Cardholders only have to provide their cryptocurrencies as collateral while enjoying 2% rewards on every credit mode purchase and zero fees.
With the Dual Mode Card, users get to enjoy benefits like spending in local currencies, toggling between modes on the Nexo app, spending available EUR, USD, and GBP stablecoin balance, withdrawing up to €10,000 ($10,800) each month at no charge, and earning up to 9% yearly interest on their balance.
“Mastercard’s partnership with Nexo continues to break new ground in the digital assets space. Together, we are offering innovative and convenient choices to enable users to access their crypto holdings.
This launch is a significant step in our commitment to empowering the digital asset ecosystem with trusted and secure payment experiences,” said Christian Rau, Mastercard’s Senior Vice President of Fintech and Crypto Enablement Europe.
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