The card is exclusively available to inhabitants of the European Economic Area’s 30 member countries. Nexo, a Bulgarian decentralized lending platform, has launched a crypto-powered debit and credit Mastercard for European Economic Area (EEA) citizens.
The Nexo Card, announced on August 31, would allow users to spend their euro, US dollar, and British pound stablecoins through debit transactions at over 100 million merchant terminals globally. According to reports, held balances will earn up to 9% in annual interest.
Meanwhile, major cryptocurrencies, such as Bitcoin, are used in Nexo Card credit transactions. On utilized credit lines, collateral offers up to 2% cash back and annual interest rates of 16%. When used at terminals, debit and credit transactions directly convert users’ crypto to fiat money.
The Nexo company further claims that the new Nexo Card has no monthly or inactivity costs, no foreign currency fees for up to 20,000 euros ($21,700) per month, and a monthly ATM withdrawal limit of 10,000 euros ($10,800). Following the successful completion of Know Your Customer verification procedures, a virtual card, and a physical card will be issued, both of which can be linked to Apple Pay and Google Pay. The card is exclusively available to citizens of the EEA’s 30 member countries.
Nexo’s corporate offices in Sofia were raided earlier this year by Bulgarian authorities on suspicion of breaking Russian sanctions and anti-money laundering regulations. The company intends to sue the Bulgarian government for damages resulting from the incident. Nexo does not provide services to Bulgarian inhabitants due to concerns with the local authorities.