Nexo Card Powers $50M in Holiday Purchases, Wins FinTech Breakthrough Award
March 14, 2024 – Today, 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.
Created in partnership with Mastercard, the Nexo Card, celebrated for its Dual Mode Credit and Debit capabilities, saw a surge in Q4 2023, with transactions exceeding $50 million (up 43% from Q3) and a user rise of 4.5x. Its credit feature notably saved 2,200 BTC (41,000 ETH) from being sold on the market, highlighting its impact on crypto liquidity and flexibility. 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.
Nexo Card’s triumph culminated with the "Consumer Payments Innovation Award" at the 8th FinTech Breakthrough Awards conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market today.
“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 оnly 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.”
About Nexo
Nexo is the world’s leading digital assets institution. The company’s mission is to maximize the value and utility of digital assets by offering a comprehensive suite of products that include advanced trading solutions for retail and institutional clients, aggregation of liquidity from leading venues, and flexible asset-backed credit lines. In 2022, the enterprise launched its investment arm Nexo Ventures, which now boasts over 60 portfolio companies. Nexo has processed $130+ billion for 7,000,000+ satisfied users across more than 200 jurisdictions.
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About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
