Cryptocurrency loan firm Nexo has launched a MasterCard-branded crypto credit card.
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The Arrington XRP Capital-backed financial startup will be the first company in the world to allow customers to spend the value of their cryptocurrency without spending it.
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.
Nexo allows users to borrow against an array of cryptocurrencies including bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), and others.
The company also allows users to earn interest on on several fiat currencies including the U.S. dollar, Euro, British pound, and stablecoins.
Cryptocurrency borrowing and lending platform Celsius Network reported over $300 million in crypto deposits this year with $2 billion in coin loan origination.
In May, cryptocurrency asset management firm BlockFi announced its interest accounts will begin accepting the Gemini Dollar (GUSD), noting that customers can now use the stablecoin as both a funding option, as well as, collateral from institutional cryptocurrency borrowers.