Nexo Debit Card Allows You To Use Your Crypto (Without Spending It)

Innovation is a common thing in the crypto industry. If you are following the latest cryptocurrency news, you probably know that – just like you know that unique ideas pop up each and every day in this world. However, some ideas stand out – or are even backed by big players in the industry such as Ripple. A perfect example for that is the Nexo debit card which is a first foray in the crypto world for the startup.

Popping out of Ripple’s stable where the XRP backed crypto startup Nexo launched, the new Nexo debit card basically allows users to make payments via cryptocurrencies without actually spending it.

‘How does it work?’ – you are asking yourself.

Well, the altcoin news show that the Nexo debit card is actually a MasterCard debit card which helps users get real-time crypto loans by putting the tokens as collaterals. The concept is unique and extremely usable at face.

In an official statement shared on many best cryptocurrency news sites, the Ripple-backed startup said:

“When using the Nexo Card to purchase 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.”

What’s interesting is that crypto debit cards are growing in terms of popularity – especially in the last few months. They are known for helping users actually make use of their assets which remains more rigid than liquid. Unlike the Nexo debit card, other debit cards convert crypto to fiat and allow for making payments at merchant stores.

On the other hand, the Nexo debit card also takes the game a step ahead and collateralizes the amount of crypto swiped for purchase which allows users to keep their tokens while paying the loan later.

The loan gives a unique capability to the Nexo debit card – making it more of a credit card than a debit card.
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It is also first in the world of crypto and as a crypto finance startup, is a proud product by Nexo which is expected to be utilized by a lot of crypto holders.