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Crypto Cards Gain Traction as Users Borrow, Not Sell
Amid tightening credit and persistent inflation across Europe, a notable shift is taking place in how digital asset holders manage their liquidity. According to Nexo’s 2024 EEA Card Report, crypto-backed borrowing has significantly outpaced traditional card activity, with the company reporting a 72% year-over-year increase in its card’s credit mode usage. The total volume of transactions grew by 203.3%, while weekly transaction frequency surged 324%, pointing to deeper integration of crypto cards into everyday financial behavior.
The Nexo Card—launched in 2021 in partnership with Mastercard—has positioned itself as an alternative to conventional borrowing tools by enabling users to access liquidity without parting with their crypto holdings. In 2024 alone, more than 100,000 BTC and 750,000 ETH were used as collateral, rather than being sold, offering a different model of spending that preserves long-term financial exposure.
Beyond Payments: Crypto as a Lifestyle Enabler
The report highlights not only volume growth, but also an evolving pattern of how and where crypto is used. Rather than replacing cash in limited circumstances, crypto is increasingly funding day-to-day life: from groceries and travel to lifestyle upgrades and education. In fact, 65% of debit transactions were made using stablecoins, underlining how digital dollars are finding their way into ordinary, high-frequency purchases.
Generational data from Nexo indicates that millennials and Gen Z account for over two-thirds of all users, but spending spans a broader demographic, with high-net-worth individuals increasingly leveraging the card for large-scale expenses. Travel and education emerged as key spending categories, while cultural and seasonal events—ranging from holidays to shopping peaks—saw crypto usage spike by 223%.
European Landscape and Regional Trends
Southern Europe has proven to be especially fertile ground for this shift, where limited access to credit and rising prices are pushing consumers toward more adaptable financial instruments. Here, crypto cards are not experimental tools—they’re becoming a structural part of personal finance.
This behavior aligns with broader macroeconomic shifts. As credit tightens and asset markets remain volatile, users are opting for methods that avoid forced sales while still providing immediate access to value. Nexo’s data shows a growing appetite for “liquidity without liquidation”—a framing that resonates with wealth managers and retail users alike.
Reinforced by Recognition and Scale
The Nexo Card’s growth was accompanied by industry recognition from organizations including The Digital Banker, INATBA, and FinTech Breakthrough, acknowledging both the technology behind the product and its user experience. While usage continues to climb, security remains a key point of emphasis. The card incorporates biometric ID, real-time alerts, and AES 256-bit SSL encryption—features aligned with the expectations of users who treat digital assets as long-term stores of value, not just spending balances.
