Nexo launches credit card based on cryptocurrency holdings

Crypto News

Nexo’s new Mastercard is like a bombshell in the crypto community. This card allows you to make purchases without spending your cryptos credit through the use of a loan system.

A revolutionary credit card

Cryptos debit cards are well known in the crypto-industry world. Based on rapid conversion systems with currencies, users can buy assets by exchanging their digital assets for trust funds.

With the Nexo Mastercard , the system shifts a bit of the conversion process, because the company wants to be more conservative with respect to cryptocurrencies.

Indeed, the Nexo card contains a system of expenditure backed by recoverable cryptocurrencies, that is to say that you can buy goods and services by giving credit, while the cryptocurrency will serve as a guarantee before repayment. .

A credit service

“When you use the Nexo card to buy goods and services, you are actually paying with Nexo’s flexible and open revolving line of credit, which is secured with your cryptocurrency holdings,” says Nexo when it launches its map.

In this perspective, the card is based on a system of borrowing but also earns interest on currencies such as the US dollar, the euro, the pound sterling, etc …

Finally, the big news announced by Nexo was the lack of fees inherent to the management of the card. Indeed, Mastercard does not charge annual fees.

What do you think of this Mastercard credit card without fees and charges of Nexo? Comment in the comments section.

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