Digital assets platform Nexo reported a 72% year-over-year rise in crypto-backed borrowing through the Nexo Card as users choose to hold their assets instead of selling, as per the information shared with Finbold on July 10. 

Nexo’s 2024 Card Report shows that over 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) avoided being sold through users accessing the Nexo Card’s collateralized credit line. Weekly card transaction frequency jumped by 324% across the European Economic Area.

“Today, people don’t want to choose between their financial future and their present needs — and the Nexo Card reflects that,” noted Chief Product Officer Elitsa Taskova. “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.”

The Mastercard-powered Nexo Card won several 2024 awards from The Digital Banker, FinTech Breakthrough, and INATBA, including Best PayTech for Digital CX – Payments, Consumer Payments Innovation, and Most Exciting Payments Solution of the Year.

Usage growth and spending patterns 

As mentioned earlier, the Nexo Card recorded a 72% rise in credit card mode usage compared to the previous year, alongside 203.3% growth in transaction volume and a 324% jump in weekly transaction frequency.

The growth occurs as traditional borrowing declines across Europe, indicating a shift toward crypto-backed lending alternatives.

Adoption grew particularly in Southern Europe. Usage increased during key cultural and commercial periods, averaging 223% growth across major seasonal events. 

High-net-worth users spent 21% of their allocations on travel, while larger transactions typically supported long-term objectives like education and investment rather than everyday purchases.

Featured image via Shutterstock. 

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