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Crypto loan company Nexo has launched a new crypto-backed card that allows users to pay for services with crypto without selling it, but rather use it as collateral, the company said in a press release shared with The Chain Bulletin on 13 April.

According to the announcement, the Nexo Card was launched in partnership with payments giant Mastercard and payment service provider DiPocket, which gives cardholders access to more than 92 million merchants around the world. Although Nexo is planning a global expansion for its card, for now it is only available to citizens of the European Economic Area (EEA), according to Nexo’s FAQ page. Antoni Trenchev, co-founder and managing partner at Nexo, said in a statement:

“This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”

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The Nexo Card is reportedly the first to allow users to make purchases and payments without selling their cryptocurrency, but rather use it as collateral. It is connected to a Nexo-provided, crypto-backed credit line that can use a number of digital assets as collateral, including Bitcoin, Ethereum, Tether, and others.

The Nexo Card is available in both virtual and physical format, and also features Apple Pay and Google Pay integrations. In addition, the company says its credit line “starts and stays” at the 0% annual percentage rate, and that repayments of the credit do not take foreign exchange fees for up to 20,000 euros.

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