Crypto credit card launched for the first time in the world, will be able to do ‘free’ shopping like this! – In its announcement regarding the crypto-backed payment card, Nexo said that it will be available in some European countries first. With this card digital assets like bitcoins can be spent without selling them.
Nexo told about the crypto-backed payment card that it will be available in select European countries initially. In this card, the user will be able to spend digital assets like bitcoin without selling it.
Crypto lender company Nexo has joined hands with global payments company Mastercard to launch the world’s first crypto-backed payment card. This payment-card will work like a normal credit card and users will be able to shop without liquidating the crypto asset. This card will come with many great features, including zero interest on spending up to a limit.
The world’s first crypto-backed payment card has been launched by crypto lender Nexo and global payments company Mastercard. In addition to acting like a credit card, the payment-card will not require users to liquidate their crypto assets to make purchases. The card will come with a host of great features including zero interest on spending up to a certain amount.
Crypto Credit Card Launched First time – How to use it
Digital assets to be used as collateral
According to Reuters news agency, this development is proof that digital assets are becoming more mainstream and that is why older financial networks are associating with cryptocurrencies. Nexo told me that it will initially be available with crypto-backed payment cards in select European countries.
Using this card, you don’t have to sell your digital assets like bitcoins before spending or making purchases. The credit given on the card will be collateralized by digital assets.
Read also:
- Citibank Credit Card Apply
- Tamilnad Mercantile Bank Business Loan
- ICICI Credit Card Apply
- Best Bank New Fixed Deposit Rates
- What is critical illness insurance
Credit line equal to 90% of the value
Traditionally, credit cards have been unsecured. However, Nexo’s crypto-backed card will hold digital assets as a form of security. According to Nexo, there are over 92 million MasterCard-accredited merchants worldwide that accept these cards.
Cardholders will have access to a crypto-backed credit line provided by Nexo. Users will be able to spend up to 90% of their cryptocurrency assets using such a card.
Interest will not be charged on how much you spend
In addition to requiring minimum repayment, crypto-backed cards also do not charge monthly fees or penalize inactivity. There is no FX fee applicable for spending up to EUR 20,000 in a month.
Credit lines will be unlimited, allowing users to withdraw and spend money as they please. The user will be charged interest only on the amount he uses from the credit line. The maximum spending limit of 20 percent is not subject to interest charges.