Crypto lending platform Nexo established a partnership with giant payment network firm MasterCard.
Nexo is a crypto lending platform, where crypto holders can easily earn money by holding assets on the platform, and also users can borrow crypto assets on behalf of their crypto holdings in the form of collateral. Nexo, BlockFi, and Celsius like crypto lending platforms are emerging in this crypto industry as Crypto banks.
According to reports, Nexo established its partnership with Mastercard and pocket. Under this partnership, Nexo seeks to launch its “Nexo Card”. This partnership will enable Nexo to access around 92 million merchant sites globally.
Reports noted that Nexo wants to provide facilities for the users to hold assets and use the potential of assets holding with a 0% credit line.
“The credit line is dynamic and can use multiple assets as collateral, including but not limited to Bitcoin, Ethereum, and Tether,” the document reads.
As per current plans, Nexo Card will not require any minimum repayment and also transactions below $20,000 per month will be feeless.
Nexo Cards will be available in virtual and physical forms, depending on users choice. And also it will remain Integrated with the ApplePay and GooglePay integrated services.
The Co-Founder and Managing Partner at Nexo commented on this new product service and noted that it is going to be an effort to fill the gap between traditional and digital payment networks.
“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets.”
He also appreciated this unique Crypto card product of Nexo and said that it will help the citizens in Europe to go with the use of cryptocurrencies to pay Money globally and instantly.
“This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”
Raj Dhamodharan, Head of Crypto and Blockchain Products at MasterCard, also shared his happiness about this collaboration with Nexo and said that he believes that crypto & blockchain is the future and also it will give choice for users to go with cryptocurrencies.