A crypto-backed credit card that can be used like a MasterCard with cash back in Bitcoin or Nexo tokens. Payments can also be made via Apple Pay and Google Pay. For owners of high-value CryptoPunks and Bored Ape Yacht Club NFTs, up to 20% of their value can be borrowed. Founded in 2018, Nexo operates in more than 200 jurisdictions worldwide.
Centralized and Decentralized
Nexo is an on-ramp to more than 40 cryptocurrencies and operates like a centralized exchange requiring KYC (customer verification). However, Nexo also provides liquidity pools for swapping crypto assets, which is normally a function of a decentralized exchange (DeX). See
crypto exchange,
crypto liquidity pool and
KYC.