Crypto lender Nexo partners with MasterCard
Nexo will issue dual crypto cards for customers with the help of a giant card processor payment firm.
Nexo is a popular crypto lending platform, a type of crypto bank that provides interest to the customers against holding the funds on the platform. It was only the Nexo platform that survived successfully during the downfall of the crypto lending companies in 2022.
On 31 Aug 2023, Nexo announced the new crypto card service for the customers. Company will issue stable crypto value-backed credit cum debit cards on behalf of the customers with the help of MasterCard.
The future of #crypto payments is here.
— Nexo (@Nexo) August 31, 2023
Introducing the world-first Dual Mode of our pioneering Nexo @Mastercard, featuring both credit and debit capabilities.
Experience the ease of debit coupled with the power of credit, earn rewards, and spend your way.pic.twitter.com/FuHNUrSRNO
These Nexo dual crypto cards will allow cardholders to spend EUR, GBP, and USD across 100 million merchants globally.
Against the mentioned stablecoin holdings, Nexo dual card holders will get upto 9% interest & also release the interest rewards daily.
Antoni Trenchev, co-founder and Managing Partner at Nexo said the latest service launch showed that Nexo is successfully moving ahead as a leader in this innovative sector.
Nexo, US, & legal hurdles
At the beginning of this year, Nexo struggled badly in the US jurisdiction. In Feb, Nexo announced the termination of its interest-earning program for US customers.
At the time, Nexo paid nearly $45 million as a penalty for providing a crypto earn program.
Here it is interesting to see that MasterCard jumped into partnership & direct service support with Nexo but on the other hand dragged feets from the top-ranked crypto exchange Binance, which is struggling in the US jurisdiction.
Nexo token price action
Nexo is the native token of the Nexo platform. The current trade price of Nexo token is 0.39% high over the last 7 days of trade price.
Read also: Google partners Bitcoin bull country El Salvador
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