Nexo Launches a Crypto-Powered Debit and Credit Mastercard for the European Economic Area (EEA)
In partnership with Mastercard, Nexo launched the world's first "Dual Mode Crypto Card," offering debit and credit functionalities for European Economic Area (EEA) citizens on August 31.
The Nexo "Dual Mode Crypto" Card offers users the ability to optimize tax responsibilities by utilizing Credit Mode, which avoids taxable events upon spending.
Initially introduced in April 2022 as the world's first crypto-backed credit card in the European Economic Area (EEA), the card has now evolved to integrate debit mode functionality.
This advancement establishes the card as the world's first crypto-backed debit and credit card for EEA countries. The debit mode not only retains spending capabilities but also enables users to generate extra income from salaries or savings.
Exclusively available for 30 countries under EEA, the Nexo card carries no monthly or inactivity fees, no foreign exchange fees up to €20,000 per month and monthly ATM withdrawal limits of €10,000.
Virtual and physical cards, compatible with Apple Pay and Google Pay, are issued upon Know Your Customer verification.
The Nexo Card seamlessly extends the benefits of Instant Crypto Credit Lines, allowing users to make everyday purchases without liquidating their valuable cryptocurrencies.
Nexo offers fiat currency for spending, with crypto assets as collateral. Deposited crypto instantly backs credit lines, allowing for borrowing proportional to the deposit amount.
The retained crypto continues to appreciate as card purchases are made. Additionally, users can receive up to 2% cashback and daily interest with every card transaction.
With the new debit feature, the Debit Mode enables immediate use of EUR, GBP, or USD, facilitating quick transactions through over 100 million
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