Nexo, the leading institution for digital assets, is revolutionizing daily cryptocurrency transactions with the introduction of the world’s first Dual Mode capability, which includes both debit and credit functionalities.
This strategic enhancement will enhance the capabilities and user experience of the pioneering Nexo Card, which was launched in partnership with Mastercard and DiPocket in 2022.
Through the state-of-the-art Nexo app, clients can now switch between debit and credit modes on the Nexo Card, allowing them to customize their spending in real-time while earning up to 9% interest on their holdings. This industry-leading interest rate transforms the card into a powerful tool for wealth-building.
As blockchain technology continues to mature, it is increasingly bridging the gap between traditional and cryptocurrency finance, creating the potential for a more efficient and collaborative future between the two. However, crypto holders still face challenges such as the need to convert digital assets to fiat before spending, limited acceptance of cryptocurrency at merchants, and the complexity of navigating multiple platforms. The Dual Mode capability on the Nexo Card offers a visionary solution to address these issues head-on.
Designed for modern cryptocurrency enthusiasts and developed based on community feedback, the Nexo Card, now integrated with the new Dual Mode capability, offers the following benefits:
– Switch Between Credit & Debit Mode: Whether it’s everyday expenses or larger purchases, the Nexo Card can handle it. Users can easily switch between credit and debit modes within the Nexo app, allowing them to spend according to their budget and needs.
– Seamless Payments: Users can spend their available balances in EUR, USD, and GBP, or withdraw up to €10,000 in cash every month.
– Pay in Your Local Currency: The Nexo Card can be used to make purchases at over 100 million merchants worldwide, allowing users to save on foreign transaction fees.
– Earn Up to 9% on Your Balance: Users can earn up to 9% interest per year on their balance, paid out daily. This means that they can grow their assets without needing to spend them.
– Spend & Earn with Peace of Mind: Nexo’s robust fraud detection system and 24/7 support ensure that users’ accounts are safe from suspicious activity, providing assistance whenever needed.
Antoni Trenchev, Co-founder and Managing Partner at Nexo, expressed the company’s commitment to customer-centric innovation, driven by the needs of its users. The launch of the Nexo Card with Dual Mode capability further solidifies Nexo’s position as a leading innovator in the cryptocurrency space. Trenchev emphasized the company’s commitment to meeting the evolving needs of its global customer base and setting high standards for financial service providers.
The Dual Mode capability on the Nexo Card builds upon the advanced infrastructure provided by Mastercard and DiPocket and offers additional features such as up to 2% crypto rewards on every credit mode purchase, zero fees, and seamless integration with Apple Pay and Google Pay.
Nexo, which claims to be the world’s leading digital assets institution, aims to maximize the value and utility of digital assets by offering a comprehensive suite of products. These include advanced trading solutions for both retail and institutional clients, liquidity aggregation from leading venues, and tax-efficient asset-backed credit lines.
In 2022, Nexo launched its investment arm, Nexo Ventures, which now has a portfolio of over 60 companies. Nexo has reportedly processed over $130 billion for more than 6 million satisfied users across over 200 jurisdictions.
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