Nexo and Mastercard claim 'world first' crypto-backed payment card
by: Dynasty GI2022-04-15
Giant payments company Mastercard and crypto lender Nexo have announced that they are launching the world’s first ‘crypto-backed’ payment card, to be initially rolled out in selected European countries.
According to Nexo, the card will allow users to link their crypto-backed credit line to the card, accepted at the 92 million businesses worldwide that accept Mastercard payments. Nexo added that users will be allowed to spend up to 90% of the fiat value of their digital assets. ‘Mastercard recognises that digital assets are revolutionising the financial landscape’, stated the company’s head of crypto and blockchain, Raj Dhamodharan, to mark the announcement of the new partnership.
"This is representative of what we are seeing gathering pace: the bringing together of crypto and traditional financial networks in recognition of the fact that digital assets are becoming mainstream."
Remarked Eduardo Carvalho, the CEO and founder of Dynasty Global.