Digital asset platform Nexo reported a 72% increase in crypto-assisted borrowing via Nexo cards as users choose to retain their assets instead of selling them, according to information shared with Finbold on July 10.
According to Nexo's 2024 card report, over 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) have been avoided being sold through users who access the secured credit line of NEXO cards. Weekly card transaction frequency increased by 324% across the European Economic Area.
“Today, people don't want to choose between their financial future and their current needs. The Nexo card reflects that.” Erita Takkova, a well-known product manager. “Your users are empowered to live fully without losing your wealth potential. Whether it's art, travel or supporting your loved ones, Crypto is part of everyday life.”
MasterCard's NEXO Card won several awards in 2024 by INATBA, including Digital Banker, Fintech Breakthrough, and Best Paytech in Digital CX.
Usage growth and spending patterns
As mentioned earlier, Nexo Cards saw a 203.3% increase in transaction volume, with a 324% jump in weekly transaction frequency, plus a 72% increase in credit card mode usage compared to the previous year.
Growth is a result of declines in traditional borrowing across Europe, indicating a shift towards crypto-backed alternatives.
Adoptions have grown especially in southern Europe. Use increased during major cultural and commercial periods, with an average growth of 223% at major seasonal events.
Higher Networth users spent 21% of their allocation travelling, but large transactions usually supported long-term goals such as education and investment rather than daily purchases.
Special images via ShutterStock.
