Like the rupee or other currency, now cryptocurrency has also launched a credit card. Just as a common credit card runs by the rupee, the crypto credit card will run by cryptocurrency. This card will be operated with virtual currencies like Bitcoin, and Ethereum.
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In fact, Nexo, a company that works for cryptocurrencies, has joined hands with the famous payment company MasterCard to launch crypto credit cards. Mastercard and Nexo have jointly launched crypto credit cards.
This step is being taken because of the increasing trend of cryptocurrencies day by day. One thing that became clear from Nexo and MasterCard was that the crypto and financial network will now work in partnerships. This will boost the cryptocurrency in the coming time.
What is this crypto credit card?
Nexo has clarified that in the initial days it will be available only in European countries. With the help of this card, you can shop with your cryptocurrency without having to sell it. Bitcoin or other virtual currency will be kept as a guarantee of this credit card. That is, keeping the bitcoin as a guarantee, the credit card will continue to work. Just like other credit cards are unsecured and have a fixed credit limit, this crypto credit card will also have a limit.
This credit card will work like this
This crypto credit card will run on Nexo's crypto-linked credit line. With the help of this card, purchases can be made from 920 lakh merchants around the world. MasterCard will have a tie-up with this merchant, where this crypto credit card can be used.
According to the report, up to 90 percent of the crypto credit card limit will be able to transact in fiat currency. Fiat currency i.e. Dollar, Euro, or Rupee, etc. It can be understood that if the limit of your crypto credit card is 1 lakh rupees, then you can spend only 90 thousand rupees in fiat currency. However, this card will run with cryptocurrency only.
What are the benefits of this card?
There is no minimum repayment, monthly, or inactivity fee condition with this card. There will be no restriction on spending or withdrawing money from this card. The more credit you use on this card, the more interest you will have to pay. No credit interest will be charged to customers who maintain a loan-to-value ratio of 20 percent or less.
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