Mastercard partners on crypto-backed payment card

Purchase-headquartered Mastercard has partnered with the Lithuanian-based cryptocurrency lender Nexo on what the companies are promoting as the world”™s first payment card backed by digital assets.

According to a press statement from the companies, the new card is linked to a Nexo-provided, crypto-backed credit line that starts and stays at 0% APR. Cardholders can use their digital assets as collateral rather than selling them, and multiple assets can be used as collateral including Bitcoin, Ethereum, and Tether.

The card will be rolled out in several European countries by DiPocket, Nexo”™s card issuer; no date has been set for a U.S. release.

“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,” said Raj Dhamodharan, Mastercard”™s head of crypto and blockchain products and partnerships. “We”™re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”