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HomeNewsCrypto Lending Company Nexo Cuts Deal with Mastercard

Crypto Lending Company Nexo Cuts Deal with Mastercard

Crypto loans company Nexo has entered into a deal with MasterCard to roll out a co-branded crypto credit card, which is claimed to be the world’s first.

Nexo offers a fully automated Instant Crypto Credit Lines service which allows for crypto holders to borrow against a basket of digital currencies including Ripple (XRP), Bitcoin (BTC), Litecoin (LTC), Ether (ETH), among others.

Nexo also lets clients earn interest on fiat currencies like the British pound, US Dollar, Euro, and stablecoins.

The new co-branded card with Mastercard will help users spend the value of the digital assets held by them in the Nexo account. The digital assets could be cryptocurrencies, Nexo tokens, tokenized assets, utility tokens and VR/gaming tokens.

Additional credit will be automatically available on the card as and when cryptocurrency value increases. Users can clear their dues by paying back directly or by selling their holdings in future.

The crypto assets are secured by SEC-approved custodian BitGo, which provides cold storage wallets. These custodial assets are also covered for up to $100 million by the London-based insurance company Lloyd’s.

The crypto credit card, which makes payments in local currencies, neither charges any fees nor requires minimum monthly repayment.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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