Nexo, an “all-in-one” digital assets platform, unveiled its Nexo Card Holiday Spending Report 2023/2024, receiving the esteemed “Consumer Payments Innovation Award” in the 8th annual FinTech Breakthrough Awards, as per the information shared with Finbold on March 14.
The 2023 report also delves into spending patterns across multiple categories, popular digital assets used as collateral, and prevalent usage locations, offering more insight into user habits.
The Nexo Card upsurge
Designed in collaboration with Mastercard, the Nexo Card witnessed a notable upsurge in Q4 2023 due to its versatile Dual Mode Credit and Debit functionalities.
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Transactions soared to over $50 million, marking a 43% increase from Q3 of the same year, accompanied by a 4.5x surge in user adoption.
Moreover, its credit feature prevented the sale of 2,200 Bitcoin (BTC) — or 41,000 Ethereum ETH — on the market, highlighting its significance in crypto liquidity management and adaptability.
Elitsa Taskova, Nexo’s Chief Product Officer, remarked:
“The Nexo Card’s holiday performance, as well as its success at the FinTech Breakthrough Awards, not only illustrates a significant adoption of crypto transactions but also signals a shift towards digital currencies in everyday spending. With our Dual Mode Nexo Card, clients not only embraced the digital revolution but also demonstrated how indispensable such products are in the ecosystem. We are honored by the recognition from both FinTech Breakthrough and our clients.”
– Elitsa Taskova, Nexo’s Chief Product Officer
Nexo’s innovative offerings
The Nexo Card facilitates expenditure and borrowing against over 60 currencies, including BTC, ETH, and stablecoins.
This is complemented by Instant Crypto Credit Lines, featuring a potential 0% APR, and an Earn product offering up to 14% yield per annum.
Steve Johansson, Managing Director of FinTech Breakthrough, stated:
“Nexo combines cutting-edge technology with unparalleled usability, transforming the way cryptocurrencies are used for daily payments. Age-old challenges faced by crypto holders include the need to convert digital assets to fiat before spending, limited crypto acceptance, and navigating complex platforms. Our sincerest congratulations to Nexo. Their Dual Mode Nexo Card, our ‘Consumer Payments Innovation Award’ winner, addresses these challenges by providing liquidity for everyday expenses, online purchases, and more.”
– Steve Johansson, Managing Director of FinTech Breakthrough
In summary, Nexo’s report and FinTech Breakthrough award underscore a notable rise in cryptocurrency adoption for everyday transactions.
With its Dual Mode Nexo Card and innovative financial solutions, Nexo addresses challenges faced by crypto holders while helping push digital assets into mainstream finance.
