{"id":3768,"date":"2022-04-20T09:45:37","date_gmt":"2022-04-20T09:45:37","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/nexo-and-mastercard-launch-world-first-crypto-backed-payment-card"},"modified":"2022-04-20T10:06:36","modified_gmt":"2022-04-20T10:06:36","slug":"nexo-and-mastercard-launch-world-first-crypto-backed-payment-card","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/nexo-and-mastercard-launch-world-first-crypto-backed-payment-card","title":{"rendered":"Nexo and Mastercard launch \u2018world first\u2019 crypto-backed payment card"},"content":{"rendered":"

Africa-Press – Cape verde. <\/strong><\/span>Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world\u2019s first \u201ccrypto-backed\u201d payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream.<\/p>\n

Nexo said the card, available in selected European countries initially, allows users to spend without having to sell their digital assets such as bitcoin, which are used as collateral to back the credit granted. Most traditional credit cards are unsecured and have a set credit limit.<\/p>\n

The card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90per cent of the fiat value of their crypto assets, Nexo said.<\/p>\n

\u201cThe card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month,\u201d Nexo said.<\/p>\n

There are no restrictions on how much a customer can spend or withdraw from the open credit line and interest is only paid on the amount of credit actually used. Interest remains at 0per cent for customers who maintain a loan-to-value ratio of 20per cent or below.<\/p>\n

\u201cMastercard recognizes that digital assets are revolutionizing the financial landscape,\u201d said Raj Dhamodharan, Mastercard\u2019s head of crypto and blockchain products and partnerships. Electronic money firm DiPocket is Nexo\u2019s card issuer.<\/p>\n

For More News And Analysis About Cape verde<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Cape verde. Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world\u2019s first \u201ccrypto-backed\u201d payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream. Nexo said the card, available […]<\/p>\n","protected":false},"author":84,"featured_media":3767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,331,281,328,283],"class_list":["post-3768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-cape-verde","tag-africa-press-mozambique","tag-cape-verde","tag-mozambique"],"yoast_head":"\nNexo and Mastercard launch \u2018world first\u2019 crypto-backed payment card - Cape Verde<\/title>\n<meta name=\"description\" content=\"Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/cape-verde\/all-news\/nexo-and-mastercard-launch-world-first-crypto-backed-payment-card\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nexo and Mastercard launch \u2018world first\u2019 crypto-backed payment card - 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