Nexo, a significant player in the crypto financial services sector, has introduced an innovative “dual mode” feature for its crypto card, seamlessly merging debit and credit functionalities into one versatile offering.

This cutting-edge feature is now open to the general public after an exclusive early access period and is accessible to both citizens and residents of the European Economic Area (EEA).

During the early access phase, an impressive 11,000 users activated their Nexo Cards, demonstrating substantial interest in this revolutionary financial product.

Nexo emphasizes that to be eligible for the card, users must complete an identity verification process using a valid identification document issued within the EEA. Only personal Nexo account holders are entitled to request this advanced crypto card. The “dual mode” feature empowers users to switch effortlessly between debit and credit modes through the Nexo mobile app, providing them with real-time control over their spending preferences.

According to a Nexo spokesperson, “The Dual Mode of the Nexo Card reduces the barriers to entry for crypto adoption by addressing common challenges that users currently encounter, such as the need to convert digital assets to fiat before spending.”

Nexo has identified several key challenges faced by crypto enthusiasts that the dual mode aims to alleviate. These challenges include the inconvenience of converting digital assets to fiat, limited crypto acceptance among merchants, and the complexity of managing multiple platforms.

The Nexo spokesperson added, “The development of Dual Mode spanned over six months, driven by significant community demand for debit functionality to complement our pioneering Nexo credit card. Our team dedicated this time to in-depth research, customer consultation, and rigorous testing to ensure we could deliver a product that seamlessly combines ease-of-use with cutting-edge technology.”

Furthermore, Nexo Card users in debit mode have the opportunity to earn up to 9% interest on their crypto holdings used as collateral for spending. In credit mode, they can enjoy a 2% cashback in cryptocurrency on purchases made at establishments that accept Mastercard.

“At present, the Debit Mode enables users to spend their available EUR, USD, and GBP stablecoin balances while simultaneously earning up to 9% interest on their spending balance,” explained a Nexo spokesperson. “In Credit Mode, nearly all cryptocurrencies supported by Nexo can be used as collateral to secure a loan and spend its value, eliminating the need to sell the crypto, all while providing up to 2% cashback in crypto rewards.”

Nexo originally launched its crypto card, which offers users a crypto-credit line using their assets as collateral without requiring them to sell their holdings, in April 2022. This milestone resulted from a collaborative effort between Nexo, Mastercard, and DiPocket.

It is important to note that neither the physical nor the virtual Nexo Cards impose monthly, annual, or inactivity fees. However, specific transaction and ATM withdrawal limits apply, depending on users’ loyalty tier.

Disclaimer: This article is based on information available as of August 31, 2023. It is intended for informational purposes only and should not be considered financial, legal, or investment advice. Readers are encouraged to conduct their research and seek guidance from qualified professionals regarding cryptocurrency-related matters.