Nexo releases its 2023/24 Holiday Spending Report, revealing over $50M in transactions via the Nexo Card, a partnership with Mastercard. The card’s dual credit/debit functionality and crypto liquidity impact earned it the “Consumer Payments Innovation Award” at the FinTech Breakthrough Awards, highlighting a shift towards digital currency in everyday spending.
In a pivotal year, Nexo has unveiled its 2023/24 Holiday Spending Report, showcasing the powerful performance of the Nexo Card. This announcement coincides with Nexo receiving the prestigious “Consumer Payments Innovation Award” at the FinTech Breakthrough Awards, marking a significant moment in the FinTech industry.
Partnership with Mastercard Elevates Crypto Flexibility
The Nexo Card, developed in collaboration with Mastercard, offers unique Dual Mode Credit and Debit functions. It experienced a remarkable transaction increase in Q4 2023, surpassing $50 million, a 43% rise from the previous quarter. This surge is attributed to a significant 4.5-fold increase in its user base. The card’s credit option played a crucial role in retaining 2,200 BTC (41,000 ETH) within the market, underlining its importance in enhancing cryptocurrency liquidity and flexibility.
The detailed 2023/24 Holiday Spending Report further delineates spending patterns, favored digital assets for collateral, and the primary locations where the card was utilized, providing in-depth insights into consumer behavior.
Award-Winning Innovation in Consumer Payments
The Nexo Card’s success culminated with the “Consumer Payments Innovation Award” at the FinTech Breakthrough Awards, hosted by an independent organization dedicated to identifying excellence in the global FinTech sector. This accolade celebrates Nexo’s contribution to advancing cryptocurrency transactions and the integration of digital currencies in daily expenditures.
Elitsa Taskova, CPO of Nexo, emphasized the Nexo Card’s role in promoting digital currency adoption and its indispensability in the financial ecosystem: “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”.
This recognition by FinTech Breakthrough and Nexo’s clientele highlights the card’s impact on facilitating crypto transactions.
Nexo: Pioneering in Digital Asset Utilization
Nexo stands as a leading entity in the digital assets space, committed to augmenting the value and utility of digital assets. It offers a broad spectrum of services, including sophisticated trading solutions, liquidity aggregation, and versatile credit lines. Nexo Ventures, the company’s investment arm, supports over 60 portfolio companies, illustrating Nexo’s expansive influence in the digital economy. Having processed transactions exceeding $130 billion for more than 7 million users across over 200 jurisdictions, Nexo continues to shape the future of digital finance.
Transaction Volume and Consumer Confidence
The Nexo Card Holiday Spending Report 2023/24 illustrates a substantial $50 million in transactions, emphasizing the cardholder’s preference for credit use during the festive season, which notably preserved 2,200 BTC (41,000 ETH) from being sold. This achievement highlights the Nexo Card’s pivotal role in enhancing cryptocurrency liquidity and flexibility.
The introduction of Crypto Spend for Debit Mode further augmented its utility, allowing for seamless digital asset expenditures at millions of global merchants.
This adaptability not only facilitated a 43.05% increase in transaction volume from the previous period but also attracted a 4.5x surge in user engagement, demonstrating robust consumer confidence and a significant shift towards digital currency for holiday shopping.
Spending Patterns and Global Utilization
Analyzing consumer behavior, the report reveals a threefold increase in Credit Mode transactions over Debit Mode, accounting for 75% of total transaction volume, suggesting a preference for credit during significant holiday purchases for its benefits including cashback and financial flexibility.
This trend mirrors a global shift towards credit for substantial purchases and online shopping. Furthermore, the Nexo Card’s global acceptance was evident with a notable rise in foreign transactions, especially in Southern Europe, illustrating its worldwide utility.
The diverse spending categories, from retail to travel, underscore the card’s integration into daily life, with USDT, BTC, and ETH being the most utilized assets for spending. This strategic asset management by users signifies the Nexo Card’s essential role in the modern digital economy, showcasing a holiday season marked by innovative financial solutions and digital asset adoption.
FinTech Breakthrough Awards: Recognizing Technological Excellence
The FinTech Breakthrough Awards are part of Tech Breakthrough, a platform acknowledging technological innovation globally. These awards spotlight achievements in various financial technology and service categories, celebrating the progress and contributions of FinTech companies and products. Tech Breakthrough, however, advises that its recognition is based on its own assessments and encourages a broad evaluation of technology options.
