In a remarkable display of innovation and growth, Nexo, the premier institution in digital asset management, has recently published its 2023/2024 Nexo Card Holiday Spending Report. This announcement was made alongside the exciting news that Nexo has been awarded the “Consumer Payments Innovation Award” at the 8th annual FinTech Breakthrough Awards.
A standout in the season’s financial technology advancements, the Nexo Card, developed in collaboration with Mastercard, showcases exceptional Dual Mode Credit and Debit capabilities. The fourth quarter of 2023 saw the card’s usage soar, with transactions topping $50 million—a 43% increase from the third quarter—and a user growth of an impressive 4.5 times. A significant feature of the credit option on the card prevented the sale of 2,200 BTC (equivalent to 41,000 ETH), underscoring the card’s substantial effect on maintaining cryptocurrency liquidity and providing users with flexible spending options.
The detailed Holiday Spending Report delineates vital consumer spending trends, identifies the most popular digital assets used as collateral, and maps out the geographical areas where the Nexo Card has been most actively used. This insightful data offers a deep dive into the behavioral patterns of cardholders during the holiday season.
Pioneering Crypto Adoption in Consumer Payments
Nexo’s success continued as it received accolades at the FinTech Breakthrough Awards, an initiative of FinTech Breakthrough, an independent organization aimed at recognizing the best in the global FinTech market. The Nexo Card was specifically praised for facilitating broader adoption of cryptocurrency transactions in everyday purchases, marking a significant shift towards the integration of digital currencies into mainstream spending habits.
Elitsa Taskova, Chief Product Officer of Nexo, said, “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.”
The “Consumer Payments Innovation Award” was bestowed upon Nexo for the Nexo Card’s revolutionary approach to spending and borrowing against digital currencies, offering functionalities for more than 60 different types, including BTC, ETH, and various stablecoins. This award also acknowledges the company’s Instant Crypto Credit Lines and its lucrative Earn product, which promises up to 14% yield per annum.
Steve Johansson, Managing Director at FinTech Breakthrough, commended Nexo for its innovative solutions to longstanding challenges faced by cryptocurrency users, such as converting digital assets into fiat currency and the limited acceptance of cryptocurrencies for daily transactions. He added, “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.”
Nexo stands as a global leader in digital assets management, with a mission to maximize the value and utility of digital assets through a wide array of products and services. Since its inception, Nexo has made significant strides, including the launch of its investment branch, Nexo Ventures, and the processing of over $130 billion for more than 7 million users across 200 jurisdictions.
The FinTech Breakthrough Awards, part of the larger Tech Breakthrough organization, aim to celebrate and recognize outstanding achievements in the financial technology sector. While the awards provide a platform for public acknowledgment, Tech Breakthrough LLC, the overseeing body, maintains a neutral stance, emphasizing that their recognitions are based on the merit of the innovations rather than endorsing any particular products or services.
