- Antoni Trenchev, co-founder and managing partner of Nexo, said the launch of the new product marks “a major milestone” for the company, and is “the latest proof of the immense synergy between the existing financial network and digital assets.”
The digital assets company (NEXO) launched a card that allows its customers to spend their funds, without putting their digital assets for sale in different European markets. This was announced in a statement, where it also highlighted that this card provides users with access to cryptoasset liquidity in more than 92 million trading sites worldwide, with an annual percentage rate of 0%.
This zero-cost credit will only be available to eligible Nexo customers who maintain a loan-to-value (LTV) ratio of 20% or less, according to the firm.
The statement also details that “the card requires no minimum monthly repayments, no minimum monthly repayments, and no inactivity fees. In addition, there are no foreign exchange fees up to 20,000 euros per month or $21,640.”
If that wasn’t enough, users can also earn 2% rewards in crypto.
“Every transaction with the Nexo card offers instant cashback in cryptocurrencies, paid in Bitcoin or Nexo’s native NEXO Token. This means users can´t only retain ownership of their digital assets, but also earn up to 2% back in cryptocurrencies for free with every purchase.”
In the first fiscal quarter of 2022 alone, more than $2.5 billion worth of payments were made through the company’s cryptocurrency-backed card.