To let consumers spend the value of their digital currency, instant crypto loan company Nexo is rolling out a cryptocurrency credit card that is Mastercard-branded. The company says that the card is the first card around the globe that lets users spend their digital currency’s value without actually spending the crypto, Cointelegraph reported.
Nexo said, according to the outlet, “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.”
According to the company’s website, “Your Loan limit is based on the market value of the crypto assets in your Nexo Account. Additional credit is automatically and instantly available on the card upon appreciation of your crypto's value.” The company also said on its website that the card comes with multiple repayment options, payments in local currencies, and no monthly/annual fees, among other features.
The company also offers an Instant Crypto Credit Lines service, which is completely automated. It enables owners of digital currency to borrow against a basket of a range of cryptocurrencies like bitcoin, ripple, ether, Litecoin and others. At the same time, the company also enables users to earn interest on fiat currencies like the U.S. dollar, the British coin and the Euro.
In separate news, Nexo had teamed up with crypto payments firm UTRUST per news last year. UTRUST planned to bring Nexo’s crypto lending capabilities onto its platform with the tie-up. With the tie-up, the companies said that digital currency owners will benefit by being able to make purchases and keep their crypto to benefit from possible future “value appreciation.”