Nexo has unveiled a crypto-backed payments card that allows users to spend without having to sell their digital assets.
- The crypto lender is offering the Nexo Card in partnership with Mastercard (MA) and corporate payment services provider DiPocket, giving cardholders access to 92 million merchants worldwide.
- Nexo claims the card is the first to allow users to spend without selling their digital assets. It is linked to a Nexo crypto-backed credit line, with cardholders' digital assets as collateral. Payment is made through the credit line, which is available in fiat and stablecoins.
- The card is available across select European markets.
- Debit and credit cards linked to digital assets are established in the crypto industry, though many users may be put off because of the risk of losing gains in crypto's value. Nexo's card might encourage more frequent use of crypto-backed cards in everyday transactions by alleviating this risk.
- The card can be linked to Apple Pay and Google Pay.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.