Nexo (an Instant crypto loans firm) and MasterCard (an international payment system corporation) have entered into a joint effort to launch a cryptocurrency credit card.
According to the Aug. 2. Press release, nowhere could you find users spending their cryptocurrency value without in fact spending it but Nexo Card has become the first card in the world to facilitate that service.
Monthly and annual foreign exchange fees are needed when using the card. Nexo said described the card’s operational concept as follows:
“When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”
Earning crypto borrowings interest
Nexo crypto owners can borrow against a number of digital currencies such as Bitcoin, Ripple, Ether, Litecoin (LTC) and more, thanks to the fully automated Instant Crypto Credit Lines service. Users are also able to get interested in fiat currencies like the United States dollar, British pound, euro and more.
In the course of 12 months, Celsius Network — the cryptocurrency lending and borrowing platform — topped $300 million in coin deposits made and more than $2 billion in coin loan origination have been completed. Celsius is currently the world’s fastest-growing lending platform.
In May, BlockFi — crypto-asset Management Company — announced that its current interest-bearing accounts now support the Gemini Dollar (GUSD) as a U.S. dollar funding option and as an institutional cryptocurrency borrowers’ collateral.