Nexo has recently unveiled its 2023/24 Holiday Spending Report, revealing impressive figures that underscore the Nexo Card’s significant traction and its innovative approach to crypto-financial services.
The release co-occur with Nexo’s achievement in clinching the “Consumer Payments Innovation Award” at the prestigious 8th annual FinTech Breakthrough Awards. A large milestone for Nexo, which is showcasing its commitment to merging the realms of cryptocurrency and everyday financial transactions through its versatile Nexo Card.
Developed in partnership with Mastercard, the Nexo Card is distinguished by its Dual Mode feature, offering both credit and debit functionalities. This innovation played a pivotal role during the last quarter of 2023, with transaction volumes soaring above $50 million, representing a 43% increase from the previous quarter.
Additionally, the card’s adoption skyrocketed, witnessing a 4.5x surge in user base. The Nexo Card has demonstrated its utility in preserving crypto assets, preventing the sale of approximately 2,200 BTC and 41,000 ETH by leveraging them as collateral instead.
The Holiday Spending Report provides an in-depth analysis of consumer behavior, detailing spending categories, the most popular digital assets utilized as collateral, and geographic usage trends of the card. These insights not only reflect the growing integration of digital currencies in everyday transactions but also highlight the Nexo Card’s role in fostering this adoption.
Nexo expressed pride in the card’s performance and the FinTech Breakthrough award, emphasizing the importance of such innovations in the digital assets ecosystem. The Nexo Card enables users to seamlessly transact and borrow against over 60 currencies, including BTC, ETH, and stablecoins, further supported by Nexo’s Instant Crypto Credit Lines and an Earn product offering competitive yields.