Nexo announced the launch of the Nexo Card in Argentina and the appointment of Andres Ondarra as General Manager of Argentina, effective August 1st. The company also positions Buenos Aires as its regional hub in Latin America, demonstrating its increased investment in this active market for digital assets.
The encryption card supports two usage modes.
According to the company, this card offers both debit and credit options for Argentine users. Users can directly use their digital assets for spending, or they can use their digital assets as collateral to obtain a credit line without selling their assets.
Nexo states that users can switch between the two modes on the same interface for flexible choices between spending, borrowing, and asset management. Eligible users can apply for the card through the Nexo app and website.
The company enters the market through everyday payment scenarios.
The company stated that Argentina's digital asset transaction volume over the past three years was approximately $93.9 billion, second only to Brazil in Latin America. Nexo believes that local users have incorporated digital assets into their wealth management, therefore the company is currently shifting its focus to more specific use cases, including payments, mortgage lending, and account earnings.
Regarding new user acquisition, Nexo stated that users will receive 10% cashback on their first card transaction. Users can also receive additional cashback and tiered rewards for the first three months, totaling up to $450. The company also stated that in-app idle balances can yield an annualized return of up to 13%, paid out daily.
- The first card transaction earns a 10% cashback bonus.
- The total bonus for the first three months can reach up to $450.
- The highest annualized return on idle balance is 13%.
The head of Argentina operations took office in August.
The company disclosed that Ondarra will officially take charge of Nexo's Argentine operations on August 1st. He has over 25 years of experience in the traditional finance, fintech, and crypto industries, and previously worked in Wall Street investment banking.
This personnel change aligns with Nexo's expansion plans in the region. The company stated that it continues to invest in local infrastructure, sports partnerships, and regional services teams to support its Latin American clients. Former head Feder, who oversaw the token launch, Ogue, has left the company and will be moving on to a new startup project.
Additional information:Nexo mentioned that its encrypted card products have previously received recognition from the Digital Banker Awards, FinTech Breakthrough Awards, and PAY360 Awards.
