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Enjoy a 9% Annual Interest Rate! Nexo Partners with Mastercard to Create the World's First Dual-Mode Cryptocurrency Card

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Enjoy a 9% Annual Interest Rate! Nexo Partners with Mastercard to Create the World

Cryptocurrency lending company Nexo has partnered with payment giant Mastercard to launch the world's first dual-mode cryptocurrency card, enabling instant switching between debit and credit modes, simplifying the payment process for everyday cryptocurrency consumption and large purchases. Additionally, cardholders will receive cashback in Bitcoin and $NEXO, and can earn up to 9% card interest on deposited assets.

Recap: Mastercard and Visa, the two major card issuers, terminated their partnerships with Binance, further isolating Binance from traditional finance.

Switch Cards in the App and Use Instantly

Nexo has announced a collaboration with Mastercard to launch a dual-mode card that combines cryptocurrency debit and credit card functionalities. The goal is to accelerate the adoption and normalization of crypto payments in everyday life.

Nexo co-founder Antoni Trenchev stated in a press release:

The Nexo card eliminates the need for users to carry multiple cards. As a debit card, it is suitable for everyday transactions, while as a credit card, it can be used for larger purchases.

He added, "The Nexo card represents the pinnacle of customer-centric innovation, fueled by Nexo's years of addressing user-driven demands."

However, the card is currently only available to citizens of the European Economic Area (EEA) in 30 countries, as reported by Cointelegraph.

Earn Crypto Cashback on Card Transactions, with 9% Annual Interest on Balances

As a novel dual-mode card, the Nexo card will offer the following features:

Instant Payments and Cost Savings

Users can use the debit card at over 100 million partner stores globally for instant payments in Euro, USD, and GBP stablecoins. Additionally, they can benefit from monthly fee discounts of up to €10,000 (approximately $10,800) for foreign exchange transactions and ATM withdrawal limits.

9% Daily Interest on Idle Assets

Idle stablecoin assets stored on the debit card can earn compound interest at a rate of up to 7% annually, while $NEXO tokens can earn 9% interest.

2% Cashback on Credit Card Transactions

By depositing cryptocurrency as a credit line, users can spend without selling their assets, capturing potential upside. Additionally, the Nexo card offers 0.5% cashback in Bitcoin and 2% cashback in $NEXO tokens on every transaction.

No Annual Fees or Minimum Monthly Spending

Using the Nexo crypto card incurs no monthly or annual fees, no idle fees, and no minimum spending requirements.

Virtual Cards within the App

Users simply need to download the Nexo app, activate the Nexo crypto card, complete KYC verification, and link to Apple Pay or Google Pay to start using the service immediately.

Third-Party Custody for Security

During use, both debit and credit card transactions will convert the user's deposited cryptocurrency into fiat currency directly, with Ledger and Bakkt serving as asset custody and insurance providers. Additionally, Nexo will monitor suspicious financial activities around the clock and users can track all transactions in real-time.