What is NEXO’s crypto-backed credit card? How is Mastercard involved?
What is NEXO Crypto Credit Card?  How is Mastercard involved?

Crypto token Nexo (NEXO) rose 0.37% to $2.31 as of 9:23 a.m. ET on Wednesday after announcing the launch of Nexo Card in partnership with Mastercard and DiPocket. DiPocket is the card issuer and Mastercard is the payment network provider. Following the announcement, Mastercard Incorporated (NYSE: MA) stock also rose 1.55% to US$351.16 at 9:46 a.m. ET.

It is the first encrypted credit card in the European Economic Area (EEA). It will allow users to access over 92 million merchant sites worldwide using their cryptocurrencies.

Nexo Card is linked to the instant crypto line of credit backed by Nexo. It allows users to spend without selling their digital assets. The funds come from the user’s available line of credit, but the wallet remains intact – the cryptos in the wallet serve as collateral to spend their value at merchants. Users can have one or more cryptocurrencies and stablecoins as collateral and pay up to 90% of their crypto value via Nexo Card.

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Cardholder benefits include up to 2% crypto rewards paid in BTC or NEXO depending on loyalty tier, 0% APR on crypto credit, instant access to line of credit and borrowing rates, no monthly fees, no annual or monthly inactivity fees, no minimum monthly repayments, free virtual card, 10 free ATM withdrawals, etc.

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What is Nexo (NEXO)?

Nexo is a blockchain-based lending platform that offers instant loans backed by cryptocurrencies. Users deposit coins such as Bitcoin (BTC), Ether (ETH), XRP (XRP) etc. and get loans in fiat currency or stablecoins.

Launched in 2018, the platform currently has $12 billion in assets under management and four million users worldwide. It supports more than 38 cryptocurrencies.

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Data source: coinmarketcap.com

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Nexo Token:

Some of the benefits of this native ERC-20-based token include discounts on interest accrued on loans, interest on deposits, and dividends from Nexo profits.

Nexo’s market capitalization is US$1.29 billion. Its circulating supply is 560 million out of a total of 1 billion tokens. It can be traded on Hotbit, FTX, DigiFinex, and Bitget crypto exchanges.

Read also : Why is Polygon (MATIC) growing? Does it have a Robinhood connection?

At the end of the line :

Nexo has also invested in RociFi, a decentralized zero and under-collateralized lending protocol. RociFi closed the US$2.7m seed funding round in November 2021.

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