Main page » Blockchain News » Nexo launches crypto Mastercard for EEA citizens
Blockchain News

Nexo launches crypto Mastercard for EEA citizens

Nexo launches crypto Mastercard for EEA citizens

Bulgarian decentralized lending platform Nexo has introduced a crypto-powered debit and credit Mastercard for residents of the European Economic Area (EEA).

As per the Aug. 31 announcement, the Nexo Card enables users to make debit transactions using their euro, U.S. dollar, and British pound stablecoins at over 100 million merchant terminals worldwide. Users will reportedly receive up to 9% annual interest on their stored balances.

The credit transactions on the Nexo Card utilize prominent cryptocurrencies like Bitcoin (BTC) as collateral, offering up to 2% cash back and an annual interest rate of 16% on used credit lines. Both debit and credit transactions automatically convert users’ crypto to fiat currency when used at terminals. Nexo claims that the assets under custody are insured by Ledger and Bakkt.

The company mentions that the new Nexo Card has no monthly or inactivity fees and no foreign exchange fees for transactions up to 20,000 euros ($21,700) per month. 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 and physical card, both of which can be connected to Apple Pay and Google Pay. The card is exclusively available to citizens of the 30-member EEA.

Earlier this year, Bulgarian police conducted a raid on Nexo’s corporate offices in Sofia, alleging violations of sanctions and Anti-Money Laundering laws related to Russia. The company has stated its intention to sue the Bulgarian government for damages resulting from the incident. Due to issues with the local government, Nexo does not offer services to Bulgarian residents.

Magazine: Should we ban ransomware payments? It’s an attractive but dangerous idea