Nexo has taken the wraps off its latest innovation—a crypto-powered debit and credit Mastercard designed exclusively for citizens within the European Economic Area (EEA).
Empowering Seamless Credit Transactions Across the Globe
Marking a groundbreaking milestone, the newly unveiled Nexo Card enables users to effortlessly spend their euro, U.S. dollar, and British pound stablecoins through swift and secure debit transactions at an expansive network of over 100 million merchant terminals scattered worldwide.
This isn’t just about spending; it’s about maximizing potential, as up to a remarkable 9% in annual interest will be disbursed to stored balances.
Leveraging these cryptocurrencies as collateral, the card extends a tantalizing offer of up to 2% cash back, coupled with competitive interest rates of 16% per annum on utilized credit lines.
In a bid to facilitate a seamless user experience, both debit and credit transactions ensure an instantaneous conversion of users’ crypto holdings to fiat currency when employed at terminals. Nexo takes paramount security seriously, underpinning the assurance of custodied assets with the robust backing of Ledger and Bakkt, renowned names in the crypto realm.
Elevated Convenience with No Hidden Charges
Delivering a breath of fresh air in the financial landscape, the all-new Nexo Card redefines convenience by waving goodbye to monthly or inactivity fees. Further enhancing its appeal, the card boasts zero foreign exchange fees for transactions up to an impressive 20,000 euros ($21,700) per month. ATM withdrawals are equally accommodating, with a monthly cap of 10,000 euros ($10,800).
A Holistic Digital Experience for EEA Citizens
Upon successful completion of Know Your Customer (KYC) verification checks, Nexo Card brings forth both virtual and physical cards. Each of these serve as an indispensable conduit to your financial aspirations. The cards seamlessly integrate with payment systems, Apple Pay and Google Pay, further streamlining your financial endeavors.
It’s important to note that this groundbreaking financial instrument is tailor-made for the citizens of the expansive 30-country European Economic Area (EEA). This select audience will have the privilege of harnessing the power of the Nexo Card to redefine their financial horizons.
Navigating Challenges and Paving the Way
Nexo’s journey hasn’t been without its trials. Earlier this year, the company faced a significant challenge when Bulgarian authorities conducted a raid on their corporate offices in Sofia. Allegations of violating sanctions and Anti-Money Laundering laws against Russia caused ripples.
Determined to uphold its integrity, Nexo is gearing up to legally address the situation. This is with plans to initiate legal proceedings against the Bulgarian government for damages linked to the incident. It’s worth noting that due to ongoing issues with local authorities, Nexo’s services are not currently extended to residents of Bulgaria.