Nexo, Mastercard unveil the world’s first dual-mode crypto card
Crypto lender Nexo partnered with global payments company Mastercard to create the “world’s first” dual-mode cryptocurrency card featuring credit and debit mode.
According to a press statement shared with CryptoSlate, the dual-mode card allows users to switch between debit and credit modes to meet their transactional needs and can be used at over 100 million merchants worldwide where Mastercard is accepted.
Part of the statement reads:
“The Credit and Debit Мodes fit the best of both worlds – debit for routine transactions and credit for larger purchases.”Advertisement
Meanwhile, the card allows users to spend their available stablecoin balance in Euro, US Dollar, and the British pound sterling or withdraw up to €10,000 each month with no extra charges. Additionally, the dual-mode card is designed to help users manage the challenges of handling multiple physical and virtual credit cards while earning up to 9% interest on their holdings.
Nexo said the card improves upon a crypto-payment card product launched last year in partnership with Mastercard and DiPocket.
Speaking on the partnership, Antoni Trenchev, Co-founder and Managing Partner at Nexo, said the card underscores the companies’ “commitment to proactively meet the evolving needs of our global customer base by introducing a product that resets the standards for what customers can expect from their financial service providers.”
Mastercard’s senior vice president of Fintech and enablement, Christain Rau, added:
“This launch is a significant step in our commitment to empowering the digital asset ecosystem with trusted and secure payment experiences.”
Meanwhile, this development is coming on the heels of Mastercard’s failed partnership with Binance in Latin America and the Middle East, where it ended its four crypto card programs for undisclosed reasons.
Despite this, the payment company has maintained its intention to seek more partnerships with crypto companies, as evidenced by its latest collaboration with Nexo.