Nexo Reports Significant Surge in Crypto-Backed Borrowing with Nexo Card
The innovative digital asset platform, Nexo, has announced a remarkable 72% annual increase in crypto-backed borrowing via the Nexo Card. This trend highlights a growing preference among users to retain their digital holdings instead of liquidating them, as reported to Finbold on July 10.
Nexo Card 2024 Report: Preservation of Bitcoin and Ethereum
According to the Nexo’s 2024 Card Report, over 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) were preserved from being sold, thanks to users leveraging the Nexo Card’s collateralized credit lines. The frequency of weekly card transactions skyrocketed by 324% throughout the European Economic Area, showcasing the card’s rising popularity.
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Empowering Financial Flexibility
Chief Product Officer Elitsa Taskova emphasized the card’s role in balancing immediate financial needs with potential future gains. “The Nexo Card enables users to enjoy life without sacrificing their asset growth prospects. From art and travel to supporting loved ones, cryptocurrency has seamlessly integrated into everyday life,” Taskova remarked.
Accolades for Nexo Card’s Innovative Solutions
The Mastercard-supported Nexo Card has earned several prestigious awards in 2024 from The Digital Banker, FinTech Breakthrough, and INATBA. Honors include Best PayTech for Digital CX – Payments, Consumer Payments Innovation, and the Most Exciting Payments Solution of the Year, recognizing its groundbreaking contributions to the digital payments landscape.
Analyzing Usage Growth and Spending Dynamics
The Nexo Card has witnessed a 72% increase in credit card usage over the past year, along with a 203.3% surge in transaction volumes and an impressive 324% rise in weekly transactions. This growth coincides with a decline in traditional borrowing across Europe, signaling a shift towards crypto-backed lending solutions.
Regional Adoption and Spending Trends
Southern Europe has particularly embraced the Nexo Card, with usage spikes aligning with key cultural and commercial periods, resulting in an average growth of 223% during major seasonal events. Notably, high-net-worth individuals allocated 21% of their spending to travel, while substantial transactions were often directed towards long-term goals such as education and investment, rather than daily expenses.
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