Nexo Card saw a $50m increase in holiday spending through its credit operations.

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Nexo's “Holiday Spending Report 2023/2024” report shows an increase in Nexo card usage during the holiday season, with spending exceeding $50 million, a 43 percent jump from the previous quarter. The card, which works in dual mode as credit and debit and allows users to spend and borrow in Bitcoin, Ethereum and stablecoins, contributed to the protection of crypto assets by preventing the sale of 2,200 BTC and 41,000 ETH. This increase in usage corresponds to a 4.5-fold increase in the card's user base.

The Nexo Card is linked to other products offered by the crypto service provider, including instant crypto credit lines and a product offering to consumers. In addition to the spending report, Nexo was honored with the “Consumer Payments Innovation Award” at the 8th Annual FinTech Breakthrough Awards.

“Nexo Card's holiday performance, as well as its success at the FinTech Breakthrough Awards, demonstrates not only the massive adoption of crypto transactions, but also the shift to digital currencies in everyday spending. With our dual-mode Nexo card, customers have not only embraced the digital revolution, but also demonstrated how important such products are in the ecosystem. We are honored by the recognition from both Fintech Breakthrough and our customers,” said Nexo CPO Elisa Taskova.

The report shows that Nexo cardholders preferred to use credit services during Black Friday and Christmas, while the balance between credit and debit was recorded at a peak on New Year's Eve.

As for the reasons supporting credit activity behind this pattern, the report says cashbacks and keeping the cryptocurrency instead of selling it for payment could be two of the main reasons.

This trend is consistent with broader credit card usage patterns, where consumers often value debit cards for everyday expenses and credit cards for more significant purchases or online transactions with added protections.

Tether USD (USDT) was the most used crypto as collateral to enable lending operations with a share of 31.5%. Bitcoin is close with 27%, while Ethereum stands at a fair distance with almost 10%.

“This move demonstrates the card's critical role in shaping a more resilient and caring crypto market environment, in addition to demonstrating strategic governance by individual users. Among the cryptocurrencies available on Nexo, Solana's SOL and Ripple's XRP are among the most popular collateral options and are mentioned in the cardholder's choice.

In addition, the Nexo Card is used in 164 countries, the report said, with Southern Europe accounting for more than 33 percent of total credit and 40 percent of debit.

Nexo advertises at Crypto Briefing. The editorial team independently selected this article for publication.

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