Nexo launches Mastercard-backed crypto card

abdelaziz Fathi

UK-based crypto lender Nexo has introduced a new crypto-powered debit and credit Mastercard, which will be initially available in selected European countries. The card allows users in the European Economic Area (EEA) to spend without having to sell their digital assets, which are used as collateral to back the credit granted.


As announced today, the Nexo Card offers EEA residents the ability to spend their euro, U.S. dollar, and British pound stablecoins via debit transactions at more than 100 million merchant terminals globally. Balances stored on the card can earn up to 9% in annual interest.

Mastercard also integrates supported cryptocurrencies into its loyalty solutions, enabling its partners to offer rewards and loyalty points in digital assets. This allows consumers to earn and spend their rewards in cryptocurrency instead of traditional loyalty points and then convert their crypto holdings to pay for purchases.

On the other hand, credit transactions through Nexo Card utilize major cryptocurrencies like Bitcoin as collateral. This feature provides users with up to 2% cash back and also offers interest rates of 16% per annum on used credit lines. Both debit and credit transactions automatically convert users’ crypto holdings into fiat currency when used at terminals. Nexo asserts that the assets stored in the card are insured by Ledger and Bakkt.

Nexo Card comes with a range of benefits, including no monthly or inactivity fees, foreign exchange fee exemption for transactions up to 20,000 euros ($21,700) per month, and a monthly ATM withdrawal limit of 10,000 euros ($10,800). Following the successful completion of Know Your Customer verification procedures, users will receive both a virtual and a physical card, both of which can be linked to Apple Pay and Google Pay. However, the card is exclusively available to citizens of the 30-country EEA.

Nexo Card signals the ongoing trend of collaboration between cryptocurrency platforms and established financial networks, as digital assets continue to gain broader acceptance in mainstream markets. Interestingly, it comes shortly after major payment companies Mastercard and Visa have decided to terminate their crypto card partnerships with Binance distancing themselves from the exchange amid increasing regulatory scrutiny and challenges it faces in various jurisdictions.

Earlier in the year, Nexo faced a police raid on its corporate offices in Sofia, Bulgaria, on charges of violating sanctions and Anti-Money Laundering laws involving Russia. The company said it will take legal action against the Bulgarian government for damages related to the incident.

Read this next

Digital Assets

TYRION Set To Decentralize The $377B Digital Advertising Industry

TYRION, a groundbreaking player in decentralized digital advertising, has launched its innovative blockchain-based platform aimed at disrupting an industry long dominated by centralized tech giants, by addressing issues like lack of transparency, data privacy, and declining ROI, while also offering features like social platform integration, robust analytics, and a deflationary mechanism for its native $TYRION token.

Institutional FX

TD Bank sells TD Cowen’s $1.3B business to Marex

London-headquartered commodities broker Marex has agreed to acquire TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Retail FX

ThinkMarkets reports flat revenues, lower profit for FY2022

The UK business of Melbourne-based broker, ThinkMarkets, today reported its financial results for the fiscal year ending December 31, 2022. The multi-asset platform, trading in the UK as TF Global Markets UK, had seen mixed results in a couple of key areas over a yearly basis.

Institutional FX

Finalto named best CFD Liquidity Provider at Ultimate Fintech Awards Global 2023

“This recognition is a testament to our commitment to providing exceptional liquidity services, innovative solutions, and outstanding customer support. We would like to express our sincere gratitude to our clients and partners for their trust and support. We will continue our efforts and look forward to delivering even greater value to our clients in the future.”

Digital Assets

New Cryptocurrency Meme Kombat ($MK) Launches Public Token Presale, Staking Platform

Meme Kombat, a new gaming platform blending the allure of internet memes with competitive battle arenas, has announced that the presale for its native $MK token is now live, offering a high APY of 112% and creating significant buzz in the crypto and Web3 communities.

Digital Assets

Hydranet Launches Layer 3 DEX: A Game Changer for Trustless Cross-Chain Trading

Hydranet has unveiled its groundbreaking Layer 3 trading platform, Hydranet DEX, that allows for near-instant, low-fee, and trustless cross-chain trading between Bitcoin and Ethereum ecosystems, marking a significant milestone in the project’s development journey.

Digital Assets

Coinbase gets nod to launch crypto services in Spain

Coinbase has scored Anti-Money Laundering (AML) compliance registration with Spain’s central bank as part of its continued expansion efforts in Europe.

Retail FX

Traders Union Experts Discuss London Session Forex Time In Nigeria

A recent report from Traders Union (TU) suggests that Nigerian Forex traders have a golden opportunity during the London Forex Session, highlighting the importance of time synchronization and strategic trading hours to optimize effectiveness in the rapidly growing Nigerian Forex market.

Retail FX

CMC Invest launches in Southeast Asia region to support long-term investing

“Following the successful application and granting of our full investment license from MAS (Capital Markets Services Licence) I am pleased and proud to announce the launch of our new investment platform business in Singapore.”