By Michael Scott
Europeans can now enjoy Nexo’s new functionality, enabling them to promptly switch between credit and debit modes.
Today, Nexo introduced a ‘dual mode’ feature that combines debit and credit functionality for its crypto card. This new feature is available to the public following a special early access stage, and European Economic Area (EEA) residents and citizens can now access it.
Dual Mode Capability Restricted to Private Nexo Accounts
The firm claims that up to 11000 users have activated the Nexo card during the early access stage. Further, the firm emphasized that for users to qualify, they should use a legal identity document provided in the EEA to pass the identity confirmation process. In addition, only private Nexo accounts should be eligible to request this card.
The new feature enables users to effortlessly switch between the debit and credit modes via the Nexo application. As such, it can tailor their spending in real-time. The firm’s spokesman indicated that the Nexo Card’s Dual Mode reduces the entry barrier for crypto adoption by solving daily problems present users face. An example entails the need to change digital assets to fiat before spending.
Nexo Dual Mode to Combine Advanced Technology to Boost Usage
Nexo claims that the dual mode feature addresses different issues that crypto holders face, for instance, the need to change digital assets to fiat before spending, the intricacy of navigating several platforms, and restricted acceptance of crypto among merchants.
According to a spokesperson, this feature has been in development for more than half a year based on the vast demand by the community for a debit feature that supplements the ground-breaking Nexo credit card.
The dual mode capability is set to attract users from the conventional credit card segment. Also, traditional finance community would view the Nexo offer attractive to onboard the digital assets ecosystem.
In addition, they claimed that their team had used that time in profound research, consulting clients, and rigorous experimenting to ensure the delivery of a product that exclusively combines advanced technology and ease of use.
Nexo Debit Users to Earn 9% Interest
Extra bonuses entail the benefit of amassing up to 9 percent interest on crypto holdings utilized as collateral for debit spending. Additionally, there is a 2 percent cashback of crypto in credit mode on transactions involving traders accepting Mastercard.
A Nexo representative claimed that presently, the Debit Mode permits users to utilize their available USD, EUR, and GBP stablecoin balance while amassing up to 9 percent interest on their spending balance.
Further, they stated that when utilized in credit form, almost all cryptocurrencies that Nexo supports can be utilized as security to take out a loan and use its value rather than sell the crypto while offering up to 2 percent cashback in crypto awards.
The Nexo card offers users a crypto-credit line and uses their holdings as security instead of spending them. It was initially introduced in April 2022 owing to a partnership between Mastercard, Nexo, and DiPocket.
Remarkably, the virtual and physical Nexo Cards are not accompanied by yearly, monthly, or inactivity fees. Nevertheless, specific ATM withdrawals and transactions exist and rely on users’ loyalty tiers.
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