Nexo and Mastercard launch 'world first' crypto-backed payment card

Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world's first "crypto-backed" payment card.

It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream.

Nexo said the card, available in selected European countries initially, allows users to spend without having to sell their digital assets such as bitcoin, which are used as collateral to back the credit granted.

Most traditional credit cards are unsecured and have a set credit limit.

The card is linked to a Nexo-provided, crypto-backed credit line and can