Nexo launches a payment card that allows users to keep their cryptocurrency

Nexo has launched a payment card backed by cryptocurrency that allows customers to make purchases without selling their digital assets.

Offered by the crypto lender in partnership with MasterCard (MA) and enterprise payment system provider DiPocket, the Nexo card provides cardholders with access to 92 million businesses worldwide.

Nexo claims the card is the first to allow users to spend money without having to sell their digital assets. It is tied to a line of credit backed by Nexo cryptocurrency, with the cardholder's digital assets serving as collateral. Payments are made by accepting credits in fiat and stablecoins.

The card can be used in some European countries/regions.

Debit and credit cards linked to digital assets are common in the crypto market, although many consumers may be deterred by the possibility of losing out on gains in crypto value. By eliminating this danger, Nexo's card may encourage more frequent use of crypto-enabled cards in common transactions.

The card is compatible with Apple Pay and Google Pay.