Nexo has introduced a new “Dual Mode” feature on its cryptocurrency Mastercard, allowing users to switch between debit and credit functions to optimize cryptocurrency spending.
Nexo Unveils Dual Mode Card Capabilities to Streamline Crypto Payments
Nexo‘s new feature enables real-time toggling between modes within the Nexo app, providing flexibility based on users’ budgets and purchase needs, according to the company’s announcement on Thursday. Nexo said the newly launched service enhances the capabilities of its cryptocurrency card.
“The Nexo Card embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years,” Nexo co-founder and managing partner Antoni Trenchev told Bitcoin.com News. “By bringing the pioneering Nexo Card with the Dual Mode capability to market, Nexo has further strengthened its position as a leading innovator in the crypto space,” Trenchev added.
First introduced in 2022, the Nexo card was developed with Mastercard and Dipocket. With Dual Mode, the Mastercard offers different functions based on the user’s needs, according to Nexo. The company’s announcement further details that users can earn interest on their balance and make free ATM withdrawals up to €10,000 per month.
Crypto debit cards first emerged around 2016, with early providers like Wirex and Bitpay issuing Visa and Mastercard-brand products. Their popularity has grown as cryptocurrencies have become more mainstream. Over the years, these cards have provided a convenient way to utilize crypto for daily purchases without having to cash out.
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