Categories: Banking

Nexo launched world’s 1st crypto-backed payment card “Nexo Card”

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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