Decentralized lending platform Nexo introduces crypto-powered card for European users
Bulgarian-based lending platform Nexo has announced the launch of its crypto debit and credit Mastercard for citizens of the European Economic Area (EEA). This latest move by Nexo allows users to make debit transactions using their stablecoins in euros, US dollars, and British pounds at over 100 million merchant terminals worldwide. It has been reported that users can earn up to 9% in annual interest on their stored balances.
Unlocking the potential of major cryptocurrencies with Nexo Card
Adding to its features, the Nexo Card also provides credit transactions that leverage major cryptocurrencies, including Bitcoin (BTC), as collateral. Users can enjoy up to 2% cash back and benefit from interest rates of 16% per annum on used credit lines. When making purchases or withdrawals, both debit and credit transactions will directly convert users' crypto assets to fiat currency at terminals. Nexo ensures that all assets are insured by Ledger and Bakkt.
No fees, enhanced functionality
The Nexo Card comes with several attractive benefits, including no monthly or inactivity fees. Users are exempt from foreign exchange fees on transactions up to 20,000 euros per month ($21,700), and there is a monthly ATM withdrawal limit of 10,000 euros ($10,800). Once users pass the Know Your Customer verification process, they will receive a virtual card and a physical card. Both cards can be conveniently connected to Apple Pay and Google Pay. It's important to note that this card is exclusively available to citizens of the 30-country EEA.
Legal challenges and growth opportunities for Nexo
Earlier this year, Nexo's corporate offices in Sofia were raided by Bulgarian police due to allegations of violating sanctions and Anti-Money Laundering laws concerning Russia. As a response, Nexo plans to sue the Bulgarian government for damages caused by the incident. It's worth mentioning that Nexo does not provide services to residents in Bulgaria due to ongoing issues with the local government.
