**Introduction:**
Nexo, a leading digital assets platform, has reported a significant 72% year-over-year increase in crypto-backed borrowing through its innovative Nexo Card. This surge in borrowing reflects a growing trend among users who prefer to retain ownership of their digital assets instead of selling them. The data shared with Finbold on July 10 sheds light on the platform’s increasing popularity and user adoption.
**Nexo’s Impressive Growth in Crypto-Backed Borrowing:**
Nexo’s 2024 Card Report reveals fascinating insights into the world of crypto-backed borrowing. More than 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) were preserved from being sold as users accessed the Nexo Card’s collateralized credit line. The platform’s weekly card transaction frequency witnessed a remarkable 324% surge across the European Economic Area.
**Empowering Financial Freedom with Nexo Card:**
Elitsa Taskova, the Chief Product Officer of Nexo, emphasized how the Nexo Card symbolizes the bridge between users’ present needs and their financial future. The flexibility offered by the Nexo Card empowers users to live fully without sacrificing the potential growth of their assets. Whether it’s indulging in art, travel experiences, or supporting loved ones, crypto has seamlessly integrated into everyday life.
**Recognition and Awards for Nexo Card:**
The Mastercard-powered Nexo Card has garnered accolades in the form of multiple 2024 awards from prestigious entities like The Digital Banker, FinTech Breakthrough, and INATBA. The platform was recognized for Best PayTech for Digital CX – Payments, Consumer Payments Innovation, and Most Exciting Payments Solution of the Year. These honors underscore Nexo’s commitment to providing top-notch financial solutions to its users.
**Usage Growth and Spending Trends:**
The Nexo Card’s statistics portray a robust growth trajectory, with a 72% surge in credit card mode usage, a remarkable 203.3% increase in transaction volume, and a striking 324% uptick in weekly transaction frequency compared to the previous year. This growth comes at a time when traditional borrowing methods are witnessing a decline in Europe, signifying a notable shift towards crypto-backed lending alternatives, especially in Southern Europe.
**Conclusion:**
Nexo’s remarkable increase in crypto-backed borrowing highlights its rising prominence in the digital finance ecosystem. The platform’s user-centric approach, innovative solutions like the Nexo Card, and recognition from industry experts position it as a frontrunner in the crypto lending sphere. As the trend towards crypto-backed borrowing continues to gain traction, Nexo remains at the forefront of empowering users to leverage their digital assets while enjoying financial freedom.
**Reference:**
[Finbold](insert link here)