Digital Asset Manager Nexo has teamed up with Mastercard to launch a Mastercard-supported crypto card in selected European markets.
Called the Nexo Card, this card provides users with a crypto-supported credit line, which allows cardholders to use their cryptocurrency as collateral, rather than sell it. To launch the card, Nexo has partnered with DiPocket, which will act as a Nexo card issuer in European markets.
In a statement accompanying the announcement, Nexo co-founder and co-founder Antoni Trenchev, called the launch of the Nexo Card "a milestone," adding that working with Mastercard and DiPocket "is the latest evidence of a major collaboration between the two. financial network and digital assets. "
Mastercard head of crypto products and blockchain and collaboration. Raj Dhamodharan, added, "digital assets are changing the financial landscape," and that the card has given customers "new and unique options for how they pay and use their cryptoholds."
Nexo Card
According to a company statement, the Nexo Card will not require any small, monthly, or non-performing payment.
There are also no FX investments of up to € 20,000 ($ 21,600) per month.
In addition, everything Nexo Card does is fitted with a crypto fast cashback feature that can be paid with Bitcoin or the traditional Nexo Token NEXO.
In other words, users will be able to earn up to 2% back on what the company labels as a “free cryptocurrency” per purchase.
Nexo Card also comes with Apple Pay integration with Google Pay, and can be accepted by over 90 million merchants where Mastercard is accepted.
Earlier this year, Nexo completed the release of the Nexo Card trial at selected European markets, and according to a company statement, found that the trial had produced "extraordinary interest" and showed "great demand" for the product.
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How does the Crypto Credit Card work?
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Credit cards are an easy and often rewarding way to shop. Also, as long as you do not have a balance, you will not have to pay interest. But what about a crypto credit card?
The first Bitcoin prize for credit cards will be launched in the U.S. this year. Another great advantage of these cards is that they allow cryptocurrency lovers to use their crypto. If you own and regularly buy cryptocurrency, a crypto credit card might make sense to you. Keep reading to learn more about how crypto credit cards work and what rewards they can offer.
What is a crypto credit card?
How do crypto credit card rewards work?
When can I get a crypto credit card?
Should I get a crypto credit card?
What is a crypto credit card?
A crypto credit card is a credit card that allows you to use cryptocurrency and receive cryptocurrency rewards.
Cryptocurrencies are digital currencies that have become very popular in recent years. The well-known Bitcoin, introduced in 2009, but there are more than 4,000 different currencies out there. These digital currencies can be used, as you would in U.S. dollars, but can be treated as an investment. Cryptocurrencies are highly volatile and usually do not have the same protections as your bank account.
Currently, there are no crypto credit credit cards in the United States. However, a few will introduce it later this year. We can expect to see more as cryptocurrency becomes more widespread.
How do crypto credit card rewards work?
The rewards of a cryptocurrency credit card work in much the same way as a standard prize card. If you swipe your card and make a purchase, you will win prizes. The big difference with crypto reward cards is that you will probably be able to pay your balance with crypto. Also, you will be able to win prizes with Bitcoin and other possible crypto currencies.
The trick is to compare credit cards and choose the right type of prize for your spending habits. For example, if you travel a lot, you could use a travel prize card and book points on a plane or hotel. If you are a crypto enthusiast, winning Bitcoin prizes may be attractive.
A few traders have begun accepting Bitcoin payments. But if they do not do that it is like withdrawing money from other countries. Crypto cards convert your crypto into a so-called fiat currency (like dollars or euros) for processing.
Crypto vs. Credit Credit bank card
Crypto debit cards are the same as regular debit cards. Some cryptocurrency transactions and wallets offer you in lieu of crypto credit cards.
If you use a crypto debit card, the funds will be deducted from your wallet or account. That means you will need to have the crypto available to purchase. Most are prepaid debit cards, so you need to charge the card before you can use it.
Conversely, if you use a crypto credit card, you borrow money from a card issuer who will repay you. Both types of cards can pay cryptocurrency prizes.
When can I get a crypto credit card?
The first two crypto credit cards will be available in the U.S. later this year. If you want to win crypto prizes on a daily basis, you can already join the waiting list for any of them.
Here's what we know so far:
Gemini Credit Card: This card will pay up to 3% back on Bitcoin or other crypto purchases. Gemini has not yet announced its prize categories or annual awards. This card promises no cash exchanges for crypto prizes. It will be available in all 50 states.
Rewards of BlockFi Bitcoin: Cardholders can receive 1.5% cash with Bitcoin upon purchase. There is a $ 250 sign up bonus on Bitcoin if you spend $ 3,000 within the first three months. Also, you can receive additional prizes up to 3.5% in four to six months of card ownership. Also, this crypto rewards card allows you to earn interest on your prizes and earn crypto rewards for passing on to friends. You can even get Bitcoin back in the right trade. However, it comes with a large annual fee of $ 200.
Should I get a crypto credit card?
As with any credit card, you should only get a crypto credit card if it will reward your spending habits. If you are interested in cryptocurrency, being able to win crypto rewards may work well for you.
But make sure you measure what each card offers against its cost. Here are some questions to ask yourself:
What is the level of prizes?
Is there an annual fee?
Are there other fees?
Are there any other benefits or benefits that come with the card?
Can I get a better value for another card?
You may be able to obtain additional benefits and the most valuable prizes on one of the highest credit cards on the market. Don't forget to simply buy Bitcoin with the cash prizes you return on a standard credit card. If one of the best credit cards pays the highest amount of cash back in the year, that might make sense.
About Nexo
Nexo is the world's leading digital goods center. The company’s goal is to increase the value and usability of crypto currencies by providing an exchange service with 300+ pairs in the market, Crypto Credit Lines tax-free, high-yield Earn Crypto Interest suite, and sophisticated trading and OTC power while providing top notch. -tier protection insurance and Nexo Wallet military-level security. Nexo has processed $ 80 + billion for 4,000,000+ users in more than 200 locations. Visit nexo.io to learn more.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payment industry. Our mission is to connect and empower an inclusive, digital economy that benefits everyone, everywhere by making transactions safer, easier, smarter and more accessible. Through secure data and networks, partnerships and love, innovations and solutions help individuals, financial institutions, governments and businesses realize their great potential. Our decency quotient, or DQ, drives our culture and everything we do within and outside our company. By connecting in more than 210 countries and territories, we are building a sustainable world that opens up valuable opportunities for everyone.
www.mastercard.com
About DiPocket
DiPocket is a leading provider of embedded payment solutions for companies. Licensed as an e-money center in Lithuania and the UK, DiPocket uses a tier-one ecosystem that provides the highest level of durability and security. The Gift Company is affiliated with traditional banks with a variety of customized products including but not limited to Cards, card payments to the card, SEPA EUR and UK instant payments, and Open Banking.