Nexo Unveils Crypto Mastercard Catering to EEA Residents

Nexo, a decentralized lending platform hailing from Bulgaria, has taken the wraps off an innovative crypto-integrated debit and credit Mastercard, designed exclusively for individuals residing in the European Economic Area (EEA).

In a significant announcement made on August 31, the curtain was raised on the Nexo Card. This cutting-edge card is set to empower users to effortlessly utilize their stablecoins denominated in euro, U.S. dollar, and British pound, executing seamless debit transactions across a staggering network of over 100 million merchant terminals globally. Notably, users will also be entitled to earn a noteworthy annual interest of up to 9% on their maintained balances.

While delving into the card’s functionalities, it becomes evident that credit transactions via the Nexo Card harness the potential of major cryptocurrencies, including the flagbearer Bitcoin, acting as collateral. This innovative approach offers cardholders an attractive cashback reward of up to 2%, and concurrently extends credit lines carrying annual interest rates pegged at 16%. It’s important to highlight that both debit and credit transactions have been engineered to seamlessly convert users’ cryptocurrency holdings into fiat currency during usage at merchant terminals. Nexo asserts that the custody of assets is fortified through insurance from respected entities such as Ledger and Bakkt.

Going beyond the technical aspects, Nexo places a strong emphasis on user-friendly terms. The Nexo Card stands out by eliminating monthly fees and inactivity charges. Furthermore, it offers a notable feature of zero foreign exchange fees for transactions amounting to up to 20,000 euros ($21,700) per month, coupled with a prudent cap of 10,000 euros ($10,800) for monthly ATM withdrawals. Upon successful completion of Know Your Customer (KYC) verification protocols, applicants will gain access to both a virtual and a physical card. Notably, both card variants are seamlessly compatible with popular digital payment platforms like Apple Pay and Google Pay. It’s important to note that eligibility for the Nexo Card is exclusive to citizens of the extensive 30-country EEA zone.

Reflecting back on the timeline, earlier this year, Nexo’s operational headquarters situated in Sofia encountered a controversial turn of events when local Bulgarian law enforcement carried out a raid. Allegations of violating sanctions and Anti-Money Laundering (AML) regulations in connection with Russia led to this development. Notably, Nexo has declared its intention to initiate legal action against the Bulgarian government, citing damages stemming from this incident. Worth highlighting is the fact that due to regulatory complications with the local administration, Nexo has refrained from extending its services to residents of Bulgaria.

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