Ripple Backed Nexo Launches a New MasterCard-Branded Cryptocurrency Credit Card

The digital currency industry is growing every day, and the development in the industry is not slowing down. More ideas and developments are coming into the industry on a daily basis. Nevertheless, some ideas seem to stand out and become more useful than others. There are lots of crypto projects in the space, and they are all fighting to stay afloat and relevant in the crypto space. One blockchain project that has really stood out in the industry is Ripple – the parent firm of XRP, the third-largest digital currency by market cap.

Users Can Now Spend the Value of Their Cryptos without Actually Spending It, Thanks To Nexo’s New Debit Card  – Cryptocurrency News Today – Cryptocurrency Market Update

The recent development in the crypto industry is from the stable of Ripple, where XRP-powered digital currency startup – Nexo – just launched a digital currency debit card that lets users make payments through digital currencies, without actually spending it. The new crypto debit card is powered by MasterCard and it helps users get real-time digital currency loans by putting the tokens as collaterals. This is a very unique concept and it also comes in very handy.

Over the past couple of months, the popularity of digital currency debit cards has increased significantly. Digital currency debit cards are very useful as they help crypto holders to make use of their digital assets, which is still more rigid than liquid. Unlike the digital currency debit card of Nexo, other digital currency debit cards convert cryptocurrency to fiat currency on a real-time basis for paying for goods and services at merchant stores.

Nexo Takes the Crypto Debit Card System To a New Dimension – Cryptocurrency Market Update – Cryptocurrency News Today

On the other hand, Nexo decided to step up the game. The firm collateralizes the amount of digital currency a user pays for goods, which lets the user keep their cryptos while paying the loan later. In a statement, the firm said:

“When using the Nexo Card to pay for goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”

The loan-giving capability of the Nexo card makes it more like a credit card instead of a debit card. In addition, it is the first crypto debit card in the world with such capability. Nexo is a digital currency finance startup that gives users instant loans by keeping their digital currency assets as collaterals. As earlier mentioned, Nexo is Ripple-backed and it is part of the Credissimo Group and a ten-year-old FinTech group spread over Europe. Nexo came into the crypto industry a couple of years ago. Since its emergence, the firm has given out digital currency collateralized loans worth more than $700 million to over 200,000 customers across the globe.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.224
-1.98%

This is a piece of bullish news that could have a slight impact on the price of XRP since Nexo is backed by Ripple. However, the impact of the news on XRP USD price has not been seen yet. At the press time, XRP USD price is $0.314 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $13.44 billion. The trading volume of the digital currency over the past day is $741.83 million.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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