Nexo Introduces The "Dual Mode" Feature For Cryptocurrency Mastercard Cards

JAKARTA - Nexo has presented the latest innovations in the cryptocurrency world by introducing the "Dual Mode" feature for their Mastercard cards. This feature allows users to easily switch between debit and credit modes, providing flexibility in cryptocurrency spending according to their budget and purchasing needs.

The new Nexo feature can be enabled and disabled in real-time through the Nexo app, giving users full control over the use of their card. Nexo announced this development on Thursday and called it a step that further increases the capabilities of their cryptocurrency cards.

According to Antoni Trenchev, co-founder and managing partner of Nexo, "The Nexo Card realizes the peak of customer-centered innovation, which is developed from user-driven needs that Nexo has been diligently handling over the years." With the introduction of the Dual Mode feature, Nexo further strengthens its position as a major innovator in the world of cryptocurrencies.

The Nexo card was first introduced in 2022 and is the result of a collaboration between Nexo, Mastercard, and Dipocket. With Dual Mode, this card offers unique capabilities that can be adjusted to user needs.

Users can easily choose between debit and credit modes, according to their situation and preferences. Furthermore, the company's announcement explains that users can also get interest on their balances and withdraw cash for free up to 10,000 (IDR 164 million) per month from ATM machines.

Cryptocurrency debit cards were first introduced around 2016, and since then their popularity has continued to increase along with the growth of cryptocurrencies. Initial providers such as Wirex and Bitpay launched Visa and Mastercard branded card products. These cards have provided a convenient way for users to use their cryptocurrencies in their daily lives without having to convert them into fiat currency.