New crypto card by Nexo allows users to pay without selling Bitcoin

Nexo has officially launched its cryptocurrency credit card in collaboration with Mastercard after announcing the project back in 2019.

Major cryptocurrency loan company Nexo has officially launched a crypto-backed Mastercard card enabling users to pay for services with cryptocurrencies like Bitcoin (BTC) without selling their crypto.

Nexo has partnered with Mastercard and the peer-to-peer payment startup DiPocket to launch the Nexo Card, a crypto card allowing cardholders to use their crypto as collateral rather than selling it, the firm announced to Cointelegraph on Wednesday. The card is linked to a Nexo-provided, crypto-backed credit line allowing to use of multiple assets as collateral, including but not limited to Bitcoin, Ether (ETH) and the Tether (USDT) stablecoin.

Mastercard’s head of crypto and blockchain products, Raj Dhamodharan, reiterated the company's focus on the cryptocurrency industry , stating:

“Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings.”