Nexo, the leading institution for digital assets, has released the Nexo Card Holiday Spending Report 2023/2024, while simultaneously being announced as the winner of the “Consumer Payments Innovation Award” in the 8th annual FinTech Breakthrough Awards.
The Nexo Card, launched with Mastercard, saw a big jump in users and transactions in the last quarter of 2023. Transactions went 43% up crossing the $50 million mark. The number of people using the card grew 4.5 times compared to the previous quarter.
The key feature of the Nexo Card is its Dual Mode credit and debit capabilities. The credit feature notably saved 2,200 BTC and 41,000 ETH from being sold on the market, highlighting its impact on crypto liquidity and flexibility. Additionally, it allows users to spend and borrow against over 60 currencies, offering unprecedented convenience and accessibility for crypto holders.
The 2023/2024 Holiday Spending Report further reveals key spending trends by category, popular digital assets used as collateral, and where the card was most used, offering deep insights into cardholder behavior.
The Nexo Card’s success story reached a new high by winning the “Consumer Payments Innovation Award” at a prestigious FinTech award ceremony. This award, given by FinTech Breakthrough, recognizes the most innovative companies and products in the financial technology industry. Winning this award is a big deal for Nexo Card because it shows that industry experts consider it a leader in making it easier for people to use cryptocurrency for everyday purchases.
“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,” said Elitsa Taskova, CPO of Nexo.
The award honors Nexo for its innovative product the Nexo Card which enables spending and borrowing against over 60 currencies like BTC, ETH, and stablecoins, and is complemented by its flagship Instant Crypto Credit Lines with possible 0% APR and an Earn product offering up to 14% yield p.a.
“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,” said Steve Johansson, Managing Director, FinTech Breakthrough.
“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.”
Also Read: Nexo Receives Preliminary Approval in Dubai From VARA
