Nexo Teams Up with Mastercard, Introduces Innovative Dual Mode Crypto Card

Nexo, a prominent cryptocurrency platform, has collaborated with the global payment processing giant Mastercard to unveil an innovative Dual Mode crypto card, marking a milestone in the crypto payment space. This groundbreaking card empowers users to seamlessly manage both credit and debit transactions, catering to their diverse spending needs. In a press release shared with CryptoPotato, Nexo highlighted the customer-centric approach behind the Dual Mode Card, designed to address users' daily transactional requirements effectively. The card allows for a swift shift between debit and credit modes within a single product, eliminating the need for handling multiple credit and debit cards or maintaining separate accounts. The functionality of the Dual Mode Card is noteworthy. Nexo users can employ the debit mode for their day-to-day transactions, while switching to the credit mode for larger purchases from the extensive network of over 100 million global merchants that accept Mastercard. The card's advantages are twofold. In debit mode, users can tailor their spending preferences while accruing up to 9% annual interest on their holdings, which is paid out daily. Furthermore, the credit mode offers a 2% cashback incentive on transactions. Antoni Trenchev, Co-founder and Managing Partner at Nexo, emphasized the significance of this milestone, stating, "By bringing the first-ever Dual Mode crypto card to market, Nexo has further strengthened its position as a leading innovator in the crypto space." He underlined the alignment of Nexo's and Mastercard's commitment to meeting the evolving needs of their global customer base through cutting-edge solutions. The Dual Mode Card leverages an existing payment infrastructure provided by Mastercard and DiPocket, which was established when Nexo introduced its crypto credit line card in April 2022. With this new offering, Nexo Card users can spend their digital assets without the need to liquidate them. The card utilizes cryptocurrencies as collateral, allowing users to enjoy 2% rewards on credit mode purchases, devoid of fees. This innovative card offers a range of benefits, including the ability to spend in local currencies, seamless toggling between modes through the Nexo app, access to EUR, USD, and GBP stablecoin balances for spending, free monthly withdrawals of up to €10,000 ($10,800), and the opportunity to earn up to 9% annual interest on their balances. Christian Rau, Mastercard's Senior Vice President of Fintech and Crypto Enablement Europe, expressed Mastercard's commitment to empowering the digital asset ecosystem through this collaboration. He stated, "This launch is a significant step in our commitment to empowering the digital asset ecosystem with trusted and secure payment experiences." The introduction of the Dual Mode Crypto Card by Nexo and Mastercard signals a new era in crypto payments, offering users unparalleled flexibility and convenience in managing their cryptocurrency holdings for both spending and saving.