London-based Cryptocurrency lender, Nexo has joined hands with global payments company Mastercard to launch the world’s first “crypto-backed” payment card. Electronic money firm DiPocket is Nexo’s card issuer. The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month. Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.
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This move by crypto and incumbent financial networks forces digital assets to become more mainstream. Initially, The card will be available in selected European countries. There are no restrictions on how much a customer can spend or withdraw from the open credit line and interest is only paid on the amount of credit actually used.
Important takeaways for all competitive exams:
- Mastercard Founded: 16 December 1966, United States;
- Mastercard Headquarters: Purchase, Harrison, New York, United States;
- Mastercard CEO: Michael Miebach;
- Mastercard Executive Chairman: Ajay Banga.