Nexo Launches “Dual Mode” Crypto Card with Debit and Credit Functionality
Nexo has introduced a new “dual mode” feature for its crypto card, allowing users to switch between debit and credit functionality. The feature is now available to the public after an exclusive early access period and is open to residents of the European Economic Area (EEA). During the early access stage, over 11,000 users activated the Nexo Card. To qualify, users must pass an identity verification process using a valid EEA-issued ID document.
Key Points:
– Users can seamlessly toggle between the card’s debit and credit modes through the Nexo app.
– The dual mode addresses challenges faced by crypto holders, such as the need to convert digital assets to fiat before spending and limited crypto acceptance among merchants.
– Nexo debit users can earn up to 9% interest on their crypto holdings used as collateral for debit spending.
– Credit mode offers a 2% cashback in crypto on purchases made at Mastercard-accepting merchants.
– The Nexo card was launched in April 2022 in collaboration with Mastercard and DiPocket, and it does not have monthly, annual, or inactivity fees.
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