Bulgarian decentralized lending platform Nexo launches crypto-powered Mastercard for EEA citizens
Nexo, a decentralized lending platform based in Bulgaria, has introduced a new crypto-powered debit and credit Mastercard for individuals residing in the European Economic Area (EEA). The Nexo Card enables users to spend stablecoins like euro, U.S. dollar, and British pound via debit transactions at over 100 million merchant terminals globally. The card offers up to 9% annual interest on stored balances and allows credit transactions using major cryptocurrencies as collateral. Users can earn up to 2% cash back and avail of interest rates of 16% per annum on used credit lines. Custodied assets are reportedly insured by Ledger and Bakkt. The Nexo Card has no monthly or inactivity fees, and foreign exchange fees are waived for up to 20,000 euros ($21,700) per month. ATM withdrawals are limited to 10,000 euros ($10,800) per month. The card is available only to EEA citizens and can be connected to Apple Pay and Google Pay. Nexo’s corporate offices in Sofia were previously raided by Bulgarian police, and the company plans to sue the Bulgarian government for damages related to the incident. Nexo does not provide services to residents in Bulgaria due to issues with the local government.
– Nexo launches a new crypto-powered debit and credit Mastercard for EEA citizens
– Users can spend stablecoins via debit transactions at over 100 million merchant terminals worldwide
– Up to 9% annual interest will be paid on stored balances
– Credit transactions can be made using major cryptocurrencies as collateral, offering cash back and interest rates of 16% per annum
– The Nexo Card has no monthly or inactivity fees, and foreign exchange fees are waived for up to 20,000 euros ($21,700) per month
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