Nexo and Mastercard tie up to launch ‘world first’ crypto-backed payment card

Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world’s first “crypto-backed” payment card.

The card allows users to spend without having to sell their digital assets such as bitcoin. These will be used as collateral to back the credit granted. Initially the facility has been launched in selected European countries. The electronic money firm DiPocket will be the card issuer.