Nexo and Mastercard Partner to Deliver Crypto-Backed Card

Recently, the crypto world and mainstream payment platforms have formed stronger ties. Several leading crypto exchanges have partnered with Mastercard, Visa, and others to facilitate crypto purchases.

Several crypto exchanges also have credit card services, where users can purchase goods with crypto credit cards.

NFT marketplaces, such as Coinbase, have partnered with Mastercard to allow digital asset enthusiasts to purchase NFTs with fiat.

On Wednesday, crypto lending platform Nexo announced the launch of the Nexo Card. According to the announcement,

Earlier this year, Nexo joined a growing list of crypto platforms to come under the scrutiny of U.S regulators.

In February, Nexo announced voluntary changes to its Earn Interest Product in the U.S to comply with “newly-announced guidance.”

This month, Nexo launched Nexo Prime. Nexo Prime is a proprietary prime brokerage platform for high-net-worth, corporate, and institutional investors. The platform gives investors access to the necessary tools to securely store, trade, borrow, and lend digital assets.

In March, Nexo launched Nexo Ventures, a $150m venture arm for acquisitions and Web3 investments. The venture arm aims to speed up the development and adoption of blockchain tech by investing in “early-stage retail and institutional projects synergetic to Nexo’s core businesses.”

Last year, Nexo partnered with Three Arrows Capital to offer NFT art financing services. Nexo’s NFT Lending & Art Financing Service offers crypto credit backed by NFTs. According to a December press release, Nexo started by accepting Bored Apes and CryptoPunks NFTs.

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