Nexo, Mastercard unveil the world’s first dual-mode crypto card News ▸ EU ▸ Technology
Nexo, Mastercard unveil the world’s first dual-mode crypto card
The dual-mode card is designed to help users manage the challenges of handling multiple physical and virtual credit cards
2 min read
Updated: Aug. 31, 2023 at 3:30 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto lender Nexo partnered with global payments company Mastercard to create the “world’s first” dual-mode cryptocurrency card featuring credit and debit mode.
According to a press statement shared with CryptoSlate, the dual-mode card allows users to switch between debit and credit modes to meet their transactional needs and can be used at over 100 million merchants worldwide where Mastercard is accepted.
Part of the statement reads:
“The Credit and Debit Мodes fit the best of both worlds – debit for routine transactions and credit for larger purchases.”
Meanwhile, the card allows users to spend their available stablecoin balance in Euro, US Dollar, and the British pound sterling or withdraw up to €10,000 each month with no extra charges. Additionally, the dual-mode card is designed to help users manage the challenges of handling multiple physical and virtual credit cards while earning up to 9% interest on their holdings.
Nexo said the card improves upon a crypto-payment card product launched last year in partnership with Mastercard and DiPocket.
Speaking on the partnership, Antoni Trenchev, Co-founder and Managing Partner at Nexo, said the card underscores the companies’ “commitment to proactively meet the evolving needs of our global customer base by introducing a product that resets the standards for what customers can expect from their financial service providers.”
Antoni Trenchev, Co-founder and Managing Partner at Nexo, said:
“The Nexo Card embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years. By bringing the pioneering Nexo Card with the Dual Mode capability to market, Nexo has further strengthened its position as a leading innovator in the crypto space. The launch underscores our commitment to proactively meet the evolving needs of our global customer base by introducing a novelty that resets the standards for what customers can expect from their financial service providers.”
Meanwhile, this development is coming on the heels of Mastercard’s failed partnership with Binance in Latin America and the Middle East, where it ended its four crypto card programs for undisclosed reasons.
Despite this, the payment company has maintained its intention to seek more partnerships with crypto companies, as evidenced by its latest collaboration with Nexo.
Aug 31 – Updated with quote from Nexo Managing Partner Antoni Trenchev.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The Nexo token is the world’s first dividend-paying asset-backed security token and is backed by the underlying assets of Nexo’s loan portfolio.
Nexo
Nexo is a leading global financial institution specializing in digital asset services, particularly focusing on cryptocurrency lending, exchange, and financial management solutions.
Mastercard
Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, and issuers and governments around the world.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Antoni Trenchev is the co-founder and managing partner of Nexo, a leading digital asset company best known for providing the world’s first instant crypto credit lines.