Nexo launched world’s 1st crypto-backed payment card “Nexo Card”.

Why in news?

• London-based Cryptocurrency lender, Nexo has joined hands with global payments company Mastercard to launch the world’s first “crypto-backed” payment card. Electronic money firm DiPocket is Nexo’s card issuer.
• The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month. Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.
• This move by crypto and incumbent financial networks forces digital assets to become more mainstream.
• Initially, the card will be available in selected European countries. There are no restrictions on how much a customer can spend or withdraw from the open credit line and interest is only paid on the amount of credit actually used.