Mastercard partners on a crypto-secured payment card

Bought-headquartered Mastercard has partnered with Lithuania-based cryptocurrency lender Nexo on what the companies are promoting as the world’s first payment card backed by digital assets.

According to a press release from the companies, the new card is linked to a crypto line of credit provided by Nexo that starts and stays at 0% APR. Cardholders can use their digital assets as collateral rather than selling them, and several assets can be used as collateral, including Bitcoin, Ethereum, and Tether.

The card will be rolled out in several European countries by DiPocket, Nexo’s card issuer; no date has been set for a US release.

“Mastercard believes digital assets are revolutionizing the financial landscape and we are at the forefront of innovation with programs like our partnership with Nexo to give people new and unique choices in how they pay for and activate their crypto holdings” , said Raj. Dhamodharan, Head of Crypto and Blockchain Products and Partnerships at Mastercard. “We are excited to continue innovating in payments by making digital assets more accessible across the ecosystem.”

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Phil Hall’s writing for Westfair Communications has won numerous Connecticut Press Club and Connecticut Society of Professional Journalists awards. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release “Moby Dick: The Radio Play” and the upcoming “Jesus Christ Movie Star”, both published by BearManor Media ). He is also the host of the SoundCloud podcast “The Online Movie Show”, co-host of the WAPJ-FM talk show “Nutmeg Chatter” and writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog, Profit Confidential, The MReport, and Outside of journalism, he’s also a horror movie actor – usually playing the creepy villain who is gravely killed off at the end of each movie.

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Elaine R. Knight