The Nexo Card is the kind of card that allows you to spend your cryptocurrency without actually spending it. The aim is to facilitate easy use of borrowed funds and there is no control over how you can spend the funds that you receive. This is an international card that offers better terms. The card is linked to the user’s credit limit so that they can spend their funds on purchases without withdrawing funds to a bank account.
This card can be ordered and managed using the Nexo Mobile App.
According to Nexo, the Nexo Card is the first one to allow users to spend their cryptocurrency without any crypto being subtracted from their account. The card does not come with monthly or annual fees plus there is no foreign exchange fee.
Nexo is a company based in Zug, Switzerland. It emanates from a well-known name in online consumer lending and bill payments in Europe and that is Credissimo. Credissimo was listed on the stock market in 2014.
With the backing of Credissimo, one can be sure that Nexo comes with an in-depth understanding of lending services in the European continent and also knows how to comply with all laws and structures as provided by the European Union regarding their field.
Zug is a crypto valley and the Nexo team is based there with a team of 20 persons. Most of the members of this team have a background in finance plus they gather a lot of experience from the founding company, Credissimo. The members of the technical team are about two or three. Some of the senior members are:
- Kosta Kantchev- Managing Partner
- Georgi Shulev- Managing Partner
- Antoni Trenchev-Managing Partner
Nexo partnered with another intermediary to issue the Nexo. The intermediary partner is not yet named.
The difference between Nexo Card and other crypto credit cards is that while they convert cryptocurrencies into fiat, Nexo uses your crypto as collateral and supplies you with a fiat loan.
The company is planning to expand to the United States and Asia.
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The Nexo Card allows you to spend even when you have no cryptocurrency to use. The cards are independent of your credit history. This is made possible by the staked collateral hence minimizing the risk of defaulting. Once a user borrows a loan they can repay it in crypto or fiat using the Nexo token.
Nexo obeys the know your customer protocol and they abide by international sanctions plus they have integrated blockchain investigators, Chainalysis to do background checks on the collaterals offered. Nexo does not take kindly to ill-gotten crypto.
How genuine is this service? Well, Brock Pierce managed to mortgage a house in Amsterdam using this crypto credit service. Nexo token holders have also received 30 percent on $3 million that was realized as profit made during the first 7 months of operation.
As a benefactor of the crypto-backed loan, Nexo allows you to retain 100% ownership of your crypto assets plus profit from their potential upside. There are no credit checks and there are no geographic restrictions. Your crypto loan application is instantly extended. Once the crypto assets hit the Nexo account and the transaction is confirmed on the blockchain, the client can start spending the fiat of preference.
The Nexo MasterCard comes linked to the assets in the user’s Nexo wallet. The Nexo Oracle confirms the credit line balance in real-time whenever a purchase is made and a notification is sent to you.
According to the Nexo site, the following are charges that users can pay.
- Zero hidden fees
- Zero account maintenance fees
- Zero inactivity fees
- Zero surcharges at point of sales
- Zero foreign exchange fees
According to the Nexo site, they are giving user’s a chance to find out more about their card via an early access program. From this access is when many users can give an honest opinion on their Nexo card experience.
The Nexo Card has a strong backing and this is sure proof that there are great things to come. The fact that they do not charge much is also good news since when taking a loan you need to watch where every penny goes. The other good news is that they offer flexible repayment options. So if it is fiat or crypto, you choose what works for you.
- Flexible repayment options
- Lots of zero costs
- Draws experience from a well-established parent company
- Still at the early access stage