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Major cryptocurrency lending company Nexo has officially launched a crypto-backed Mastercard card that allows users to pay for facilities taking into consideration cryptocurrencies such as Bitcoin (BTC) without selling their crypto.

Nexo has linked like Mastercard and peer-to-peer payments startup DiPocket to commencement the Nexo Card, a crypto card that allows cardholders to use their crypto as collateral rather than selling it, the company announced to Cointelegraph on Wednesday.

The card is aligned to a origin of tab provided by Nexo and is crypto-backed which allows the use of several assets as collateral, including but not limited to Bitcoin, Ether (ETH) and stablecoin Tether (USDT).

The Nexo Card works through the Nexo crypto-backed descent of credit, meaning that the funds for your purchases arrive from genial lines of description though your digital asset portfolio remains intact, a Nexo spokesperson told Cointelegraph. Collateral is topic to repayment according to Nexo's terms and conditions, the representative said.

According to the company, the Nexo Card descent of credit starts and remains at a 0% annual percentage rate and the product is the first crypto-backed Mastercard credit card of its kind. The card next does not require a minimum payment and does not incur foreign quarrel fees of taking place to 20,000 euros ($21,700).

Like a standard Mastercard bank account card, the Nexo Card is straightforward as a virtual as with ease as subconscious card and comes once talk to integration of Apple Pay and Google Pay.

Nexo anticipates the Nexo Card to be in style by 92 million merchants worldwide where Mastercard is accepted, enabling investors to spend up to 90% of their fiat crypto value in seconds without selling it, the advertisement notes.

The card will soon be simple in select European markets, Nexo said. According to the company's website, the Nexo card is by yourself handy to residents of 29 countries including Belgium, Cyprus, Czech Republic, Finland, France, Germany, allied Kingdom and others.

Nexo founder and managing accomplice Antoni Trenchev stressed that supplementary product launches are valuable to the synergy in the company of existing financial networks and digital assets.

This unique product will enable millions of people, first in Europe and next just about the world, to spend maintenance instantly without having to unleash the potential of their cryptocurrency, thereby offering unprecedented unspecified help for an emerging asset class, he said. .

how to send fake bitcoins of crypto and blockchain products, Raj Dhamodharan, reiterated the company's focus on the cryptocurrency industry, stating:

Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading the pretension in encroachment as soon as programs later than our partnership like Nexo to find the money for people new and unique choices in how they pay for and put into action their crypto holdings.