Bulgarian decentralized lending platform Nexo has launched a cryptocurrency debit and credit card Mastercard for European Economic Area (EEA) citizens.
According to an announcement on Aug. 31, the Nexo Card will allow users to spend EUR, USD and GBP stablecoins via debit transactions at more than 100 million merchant terminals worldwide. Annual interest of up to 9% will reportedly be paid on the stored balance.
Meanwhile, credit transactions on the Nexo card use major cryptocurrencies such as Bitcoin (BTC) as collateral, offering up to 2% cashback and 16% APR on credit used. Both debit and credit card transactions convert a user’s cryptocurrency directly into fiat currency when used at the terminal. Nexo claims that custody assets are underwritten by Ledger and Bakkt.
The company also said the new Nexo card has no monthly or inactivity fees, a foreign exchange fee of up to 20,000 euros ($21,700) per month, and a monthly ATM withdrawal limit of 10,000 euros ($10,800). After passing Know Your Customer verification checks, both virtual and physical cards are issued; both can connect to Apple Pay and Google Pay. The card is only available to citizens of the 30 European Economic Area countries.
Earlier this year, Nexo’s corporate offices in Sofia were raided by Bulgarian police on suspicion of violating sanctions against Russia and anti-money laundering laws. The company said it plans to sue the Bulgarian government for damages related to the incident. Due to local government issues, Nexo does not provide services to residents of Bulgaria.
s future #cryptocurrency Payment here.
Introducing the world’s first dual-mode Nexo @MasterCardwith credit and debit functions.
Experience the convenience of a debit card and the power of credit to earn rewards and spend as much as you want. pic.twitter.com/FuHNUrSRNO
— Nexus (@Nexus) August 31, 2023
Magazine: Should we ban ransomware payments?It’s an attractive but dangerous idea