Nexo, a cryptocurrency platform, has partnered with Mastercard to introduce an innovative Dual Mode crypto card, offering a seamless combination of credit and debit functionalities. Here's a breakdown of the key features and benefits:
1. **Dual Mode Convenience**: Nexo's Dual Mode crypto card allows users to effortlessly manage both credit and debit transactions. Users can switch between modes based on their transaction type, enabling greater flexibility.
2. **Daily Transactions and Larger Purchases**: Users can utilize the debit mode for everyday transactions and easily switch to credit mode for larger purchases from over 100 million global merchants that accept Mastercard.
3. **Customized Spending**: The card allows users to tailor their spending preferences according to their needs. Additionally, users can earn up to 2% rewards on credit mode purchases.
4. **Interest on Holdings**: Nexo users can earn up to 9% yearly interest on their cryptocurrency holdings, which is paid out daily.
5. **Innovative Approach**: This collaboration reflects Nexo's and Mastercard's commitment to catering to evolving customer needs. It positions Nexo as a leader in cryptocurrency innovation.
6. **Utilizing Existing Infrastructure**: The Dual Mode Card builds upon the payment infrastructure established by Nexo's previous crypto credit line card launch in partnership with Mastercard and DiPocket in April 2022.
7. **Flexible Withdrawals*: Users can withdraw up to €10,000 ($10,800) per month without incurring fees.
8. **Local Currency Transactions**: The card enables spending in local currencies and supports stablecoin balances in EUR, USD, and GBP.
9. **Secure and Trusted**: The collaboration between Nexo and Mastercard aims to provide secure and trusted payment experiences, contributing to the empowerment of the digital asset ecosystem.
In essence, Nexo's Dual Mode crypto card represents an innovative advancement that combines the benefits of credit and debit functionality, offers interest on holdings, and enhances user convenience within the cryptocurrency space.
