Nexo today unveiled a “dual mode” capability for its crypto card, combining both debit and credit functionality
The new functionality is now live to the public after an exclusive early access stage and is available to citizens and residents of the European Economic Area (EEA).
According to the company, as many as 11,000 users have activated the Nexo Card during the early access stage.
Nexo further stressed that to qualify, users must pass an identity verification procedure using a valid identity document issued in the EEA, with only personal Nexo accounts being eligible to order the card.
The new functionality means that users can seamlessly toggle between the card’s debit and credit modes through the Nexo app, tailoring their spending in real time.
“The Dual Mode of the Nexo Card lowers the entry barrier for crypto adoption by addressing everyday challenges that users currently face—like the need to convert digital assets to fiat before spending,” the company’s spokesperson told Decrypt.
According to Nexo, the dual mode tackles various challenges faced by crypto holders, including the necessity to convert digital assets to fiat before spending, limited crypto acceptance among merchants, and the complexity of navigating multiple platforms.
“Dual Mode has been in development for over six months based on the widespread community demand for a debit functionality to complement our pioneering Nexo credit card,” a Nexo spokesperson told Decrypt. ”Our team spent that time in in-depth research, customer consultation, and rigorous testing to ensure we could deliver a product that uniquely combines ease-of-use and cutting-edge technology.”
Nexo debit users rake in 9% interest
Additional perks include the benefit of accumulating up to 9% interest on their crypto holdings that are used as collateral for credit spending, as well as a 2% cashback in crypto in debit mode on purchases made at merchants accepting Mastercard.
“At the moment, the Debit Mode allows users to spend their available EUR, USD, and GBP stablecoin balance all while accumulating up to 9% interest on their spending balance,” a Nexo spokesperson explained. “When used in Credit Mode, nearly all cryptocurrencies supported by Nexo can be used as collateral to take out a loan and spend its value instead of selling the crypto while providing up to 2% cashback in crypto rewards.”
The Nexo card, which gives users a crypto-credit line using their holdings as collateral rather than spending them, was first launched in April 2022 thanks to a collaboration between Nexo, Mastercard, and DiPocket.
Notably, neither the physical nor the virtual Nexo Cards come with monthly, annual, or inactivity fees. There are, however, certain transaction and ATM withdrawal limits, which depend on users’ loyalty tier.
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Source: https://decrypt.co/154428/nexo-rolls-out-dual-mode-flagship-crypto-card
