Crypto loan platform Nexo has announced the launch of Nexo Card, based on the Mastercard payment system, for the European market. The card issuer will be DiPocket.

“Nexo Card Launch in Europe with Mastercard and DiPocket […] “This is an important milestone for us and the latest proof of the huge synergy potential between the existing financial network and digital assets,” said Antony Trenchev, co-founder of the platform.

A card with a fiat credit limit secured with cryptocurrencies (no need to sell) requires no minimum payment and maintenance fees. Users will be able to add the Nexo Card to Apple Pay and Google Pay, as well as get cashback in BTC or local NEXO tokens.

The platform allowed users to withdraw money from ATM up to 10 times a month with a limit of up to 10,000 Euros. No exchange fee up to 20.000 Euro per month.

Raj Damodaran, Vice President of Digital Assets, Blockchain and Partnerships at Mastercard, stated that cryptocurrencies are “revolutionizing the financial landscape.” According to him, Nexo is offering its clients a “one-of-a-kind” way to use their cryptocurrency holdings.

In February 2022, the FTX crypto exchange announced the issuance of the Visa debit card and opened a waiting list. Similar announcements were made by online broker Robinhood and hardware wallet manufacturer Ledger.

Visa has previously approved the launch of a similar payment solution by several companies, including Binance, Bakkt, BlockFi, and CryptoSpend.

In 2021, the American exchange Gemini and the Australian platform CoinJar released crypto currency cards with the support of Mastercard.

Recall that in February 2022, Nexo suspended interest accruals on the Nexo Earn Interest product to new customers from the United States.