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Nexo and Mastercard launch 'world first' crypto-backed payment card

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Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday

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It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream

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Nexo said the card, available in selected European countries initially, allows users to spend without having to sell their digital assets

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Most traditional credit cards are unsecured and have a set credit limit.

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The card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants worldwide

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Allowing investors to spend up to 90% of the fiat value of their crypto assets

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The card requires no minimum repayments, monthly, or inactivity fees

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There are no FX fees for up to 20,000 euros per month

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There are no restrictions on how much a customer can spend or withdraw from the open credit line