Nexo partnered with Mastercard and the peer-to-peer payment startup DiPocket to launch a new crypto card, Nexo Card, that will allow the cardholders to spend digital currencies like Bitcoin and Ether by using them as collateral rather than selling them.

“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”

Antoni Trenchev, Co-founder and Managing Partner at Nexo Trenchev considered the Nexo Card to be a big milestone for them and stated that it will charge no monthly fees, no minimum repayments or inactivity fees, and there is no foreign transaction (FX) fees for up to €20,000 per month. An additional perk attached to the new product is its 2% cashback on every transaction initiated. This cashback will be paid in BTC or the platform’s native token, NEXO.