Currently, in cooperation with Mastercard, Nexo launched the world’s first “Dual Mode Crypto Card” offering debit and credit functions in one for citizens of the European Economic Area (EEA) on August 31, 2023. The Nexo “Dual Mode Crypto” card offers users the opportunity to optimize tax obligations with a credit mode that avoids taxable events when spending. Within the cryptocurrency market, the virtual currency Bitcoin (BTC) is still the most widespread among participants, showing the highest market capitalization.
Bitcoin (BTC) is an Internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of Bitcoins is known in advance and the release of Bitcoins into circulation is defined in the source code of the network. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade. Currently, during the European afternoon of Thursday 09/07/2023, at approximately 14:46 CET, this virtual currency Bitcoin was trading on the Coinbase digital currency market at a value of USD 25,660.10 per BTC with a slight strengthening of BTC by + 0.04% so far against the USD.
The initial presentation of this dual payment card Nexo “Dual Mode Crypto” took place last April 2022 as the first credit card in the world to secure these functions with cryptocurrency coverage and use in the European Economic Area (EEA), This Nexo card has now evolved to , to integrate the function of both credit and debit modes. This advancement establishes the card as the world’s first cryptocurrency-secured debit and credit card for EEA countries. Debit mode not only preserves spending options but also allows users to generate additional income from salaries or savings. Exclusively available in 30 EEA countries, the Nexo card carries no monthly or inactivity fees, no exchange fees up to €20,000 per month and monthly ATM withdrawal limits of €10,000. Virtual and physical cards are then compatible with Apple Pay and Google Pay and issue ae after verification in “Know Your Customer” mode. The Nexo Card seamlessly extends the benefits of Instant Crypto Credit Lines, allowing users to make everyday purchases without liquidating their valuable crypto.
Nexo thus offers fiat currency to spend with crypto assets as collateral. Deposited cryptocurrency immediately supports credit lines, allowing you to borrow in proportion to the amount of the deposit. Withheld cryptocurrencies are still valued on card purchases, and users can also earn up to 2% cashback and daily interest on each card transaction. With a new debit feature, the so-called “Debit Mode” allows instant use of EUR, GBP or USD, facilitating fast transactions through more than 100 million global trading terminals. This mode ensures convenient spending with local currency conversion and zero fees. Users can also earn up to 9% annual interest on deposited balances. The new Nexo card from the eponymous company comes with many customer-friendly features and in particular allows users to manage credit and debit modes through a single app.
