According to CryptoPotato, cryptocurrency platform Nexo has collaborated with Mastercard to introduce a first-of-its-kind Dual Mode crypto card, allowing users to manage credit and debit transactions seamlessly. Nexo customers can use the debit mode for daily transactions and switch to the credit mode for larger purchases from over 100 million worldwide merchants that accept Mastercard. The Dual Mode Card is designed to be more convenient than managing multiple physical and virtual credit and debit cards or separate accounts.
Nexo users can customize their spending with the new crypto card while accumulating up to 9% yearly interest on their holdings, paid out daily. Antoni Trenchev, co-founder and Managing Partner at Nexo, stated that the launch of the Dual Mode crypto card reinforces Nexo's position as a leading innovator in the crypto space and highlights the commitment of both Nexo and Mastercard to meet the evolving needs of their global customer base.
The new Nexo product will utilize the existing payment infrastructure provided by Mastercard and DiPocket from the exchange's crypto credit line card launch in April 2022. The Nexo Card allows users to spend without selling their digital assets, providing their cryptocurrencies as collateral while enjoying 2% rewards on every credit mode purchase and zero fees.
Benefits of the Dual Mode Card include spending in local currencies, toggling between modes on the Nexo app, spending available EUR, USD, and GBP stablecoin balance, withdrawing up to €10,000 ($10,800) each month at no charge, and earning up to 9% yearly interest on their balance. Christian Rau, Mastercard's Senior Vice President of Fintech and Crypto Enablement Europe, said the partnership with Nexo continues to break new ground in the digital assets space, offering innovative and convenient choices for users to access their crypto holdings and empowering the digital asset ecosystem with trusted and secure payment experiences.
