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

FILE PHOTO: Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - 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.