Nexo Card Sees 203.3% Transaction Volume Growth as Crypto-Backed Borrowing Surges

Nexo, a leading digital assets platform, has reported a 72% year-over-year (YoY) increase in crypto-backed borrowing through its Nexo Card. This significant rise indicates a growing trend where users prefer to hold their digital assets rather than selling them to meet their financial needs. The data, shared on July 10, reveals that over 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) were kept from being sold as users accessed the Nexo Card’s collateralized credit line. This trend is particularly notable in the European Economic Area, where weekly card transaction frequency surged by 324%.

Elitsa Taskova, Chief Product Officer at Nexo, highlighted the shift in user behavior, stating, “Today, people don’t want to choose between their financial future and their present needs — and the Nexo Card reflects that. It’s empowering users to live fully without losing the potential of their assets. Whether it’s art, travel, or supporting a loved one, crypto is now part of everyday life.” This sentiment is echoed in the usage patterns of the Nexo Card, which has seen a 203.3% growth in transaction volume and a 324% jump in weekly transaction frequency. These figures suggest a broader trend where traditional borrowing methods are being replaced by crypto-backed lending alternatives, especially in Southern Europe.

The adoption of the Nexo Card has been particularly pronounced during key cultural and commercial periods, with usage increasing by an average of 223% across major seasonal events. High-net-worth users have allocated 21% of their spending on travel, while larger transactions are often directed towards long-term objectives such as education and investment. This shift towards crypto-backed borrowing is not only a reflection of the growing acceptance of digital assets but also an indication of the financial sector's evolving landscape. As more individuals and institutions recognize the benefits of leveraging their cryptocurrency holdings, the demand for such financial tools is likely to continue rising.

The Mastercard-powered Nexo Card has garnered several accolades, including Best PayTech for Digital CX – Payments, Consumer Payments Innovation, and Most Exciting Payments Solution of the Year from various industry awards. These recognitions underscore the card's innovative features and its role in bridging the gap between traditional finance and the crypto world. As the financial sector continues to adapt to the growing influence of digital assets, the trend of crypto-backed borrowing is poised to reshape the lending landscape, driving innovation and offering new financial solutions to users worldwide.