Nexo Card Holiday Spending Report 2023/2024 Reveals Significant Increase in Crypto Transactions
Nexo, a comprehensive digital assets platform, has been honored with the prestigious “Consumer Payments Innovation Award” in the 8th annual FinTech Breakthrough Awards for its Nexo Card Holiday Spending Report 2023/2024. The report provides insights into spending patterns, popular digital assets used as collateral, and usage locations.
The Nexo Card’s Impressive Growth
Developed in partnership with Mastercard, the Nexo Card experienced a remarkable surge in Q4 2023 due to its versatile Dual Mode Credit and Debit functionalities. Transactions exceeded $50 million, representing a 43% increase from the previous quarter, accompanied by a 4.5x rise in user adoption. Additionally, the credit feature of the card prevented the sale of 2,200 Bitcoin (BTC) or 41,000 Ethereum (ETH) on the market, highlighting its role in crypto liquidity management and adaptability.
“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 enables users to spend and borrow against over 60 currencies, including BTC, ETH, and stablecoins. This is complemented by Instant Crypto Credit Lines that offer a potential 0% APR and an Earn product providing up to 14% yield per annum.
“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
Summary: Crypto Adoption for Everyday Transactions on the Rise
The Nexo Card Holiday Spending Report 2023/2024 and the recognition from the FinTech Breakthrough Awards highlight the increasing adoption of cryptocurrencies for everyday transactions. Through its Dual Mode Nexo Card and innovative financial solutions, Nexo addresses challenges faced by crypto holders while facilitating the integration of digital assets into mainstream finance.
By
By
By
By
By