Crypto lender Nexo said it is working with Mastercard to offer a crypto-backed payment card, Reuters reported last week.
The card is linked to a crypto-backed credit line, allowing investors to spend as much as 90% of the fiat value of their crypto assets, Nexo said, adding that the card allows users to spend without selling their digital assets.
Zug, Switzerland-based Nexo said the card, initially available only in selected European countries but accepted globally, uses the digital assets as collateral.
"Mastercard recognizes that digital assets are revolutionizing the financial landscape," said Raj Dhamodharan, Mastercard’s head of crypto and blockchain products and partnerships.
This signals the latest move by crypto and financial networks to join forces as digital assets become more mainstream, Reuters said, adding that electronic money firm DiPocket is Nexo's card issuer.
The Block reported last week that Mastercard had filed for 15 metaverse and crypto trademarks on a 1b basis, meaning there’s an intent to use them at some time in the future.