Crypto credit lines provider, Nexo, and financial services corporation, Mastercard Incorporated have joined forces in launching the world’s first-ever crypto credit card reports news outlet, Cointelegraph.
The credit card called Nexo Card permits users to supposedly spend their value of cryptocurrencies without necessarily spending it. Here’s what has been referenced:
“When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible, open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”
Speaking of the loan, the loan limit is based on the market value of the crypto assets that rests in one’s Nexo account. If users were to add credit, it will be automatically done as one’s crypto value goes up, as found on the official website.
Other services that are currently up and running, include Nexo’s instant credit lines, which are approved for those holding Bitcoin [BTC], Ethereum [ETH], Nexo [NEXO], Ripple [XRP], Binance Coin [BNB] and Litecoin [LTC]. Not to forget, the potential to earn interest on USD, EURO and GBP – serving as passive income.