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Nexo Unveils Crypto Mastercard for EEA Citizens

Bulgarian decentralized lending platform, Nexo, has launched an innovative crypto-powered debit and credit Mastercard exclusively for European Economic Area (EEA) citizens.

As per the announcement on August 31, the Nexo Card enables users to spend their euro, U.S. dollar,

and British pound stablecoins through debit transactions at over 100 million global merchant terminals.

Additionally, stored balances can earn up to 9% annual interest.

For credit transactions, the NexoCard utilizes major cryptocurrencies like Bitcoin as collateral,

offering users up to 2% cash back and an annual interest rate of 16% on used credit lines.

Both debit and credit transactions facilitate the direct conversion of users’ crypto assets into fiat money when used at terminals.

Nexo assures customers that their custodied assets are insured by Ledger and Bakkt.

The NexoCard comes with attractive features, including no monthly or inactivity fees,

no foreign exchange fees for up to 20,000 euros ($21,700) per month, and a monthly ATM withdrawal limit of 10,000 euros ($10,800).

Upon completing Know Your Customer verification, users receive both a virtual and physical card that can be linked to Apple Pay and Google Pay.

It’s important to note that the card is exclusively available to EEA citizens, spanning 30 countries.

Earlier this year, Nexo faced legal issues when its corporate offices in Sofia were raided by Bulgarian authorities,

alleging violations of sanctions and Anti-Money Laundering laws related to Russia.

In response, Nexo plans to file a lawsuit against the Bulgarian government seeking damages.

Due to this incident, Nexo does not offer services to residents of Bulgaria.

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