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Nexo, Mastercard Launch World’s First Crypto-Backed Card

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If you’re into cryptocurrencies, a new payment card with Mastercard support has just debuted, allowing you to spend the value of your crypto without really selling it. According to Reuters, the card was produced through a collaboration between Mastercard and Nexo, a digital financial lending firm.

The Nexo Card bills itself as the world’s first “crypto-backed” payment card. Although a real Nexo Card is available, a virtual card could be activated instantly by attaching it to an Apple Pay or Google Pay account. You may use the card to pay for products just like a traditional credit card, with your available crypto serving as collateral.

It will be accepted anywhere Mastercard is accepted. The card does not have any monthly, yearly, or inactivity fees, and ATM withdrawals are free. An interest rate is tied to the credit you’re using, but the rate is set by Nexo’s “Loyalty tier.”

There is also no minimum monthly payment required, and repayments are made through the Nexo app using the cryptocurrency you have, whether it is Bitcoin, Ethereum, Tether, Dai or any other supported currency.