Nexo has launched its hybrid Nexo Card in Argentina, giving eligible users a single card to either spend crypto directly or borrow against crypto collateral — without having to sell their holdings.
What the card does
- Dual modes: Debit mode for direct crypto spending and Credit mode that lets users draw loans against crypto collateral. Users can switch between modes within one interface.
- Local and dollar payments: Purchases in Argentine pesos and U.S. dollars are supported.
- Rewards and yield: Cashback on eligible spending and interest paid on idle in-app balances.
- Fee perks: Fee-free ATM withdrawals up to $1,000 and fee-free foreign-currency spending up to $2,000 per month.
- Availability: Launched via Nexo’s app and website for eligible clients in Argentina; access depends on eligibility and account terms.
Leadership and local strategy
Nexo also announced Andres Ondarra will become General Manager of Nexo Argentina, overseeing local operations starting Aug. 1. Ondarra — with 25+ years across traditional finance, fintech and crypto in Latin America — said Argentine clients “have spent a decade making digital assets part of how they manage wealth,” and that the card lets them “spend, borrow and earn without having to sell.” He succeeds Federico Ogue, who led Nexo’s Argentina expansion and is moving to a new venture.
Why Argentina matters
Argentina has emerged as a key market for crypto firms: Nexo says the country processed about $93.9 billion in digital-asset transactions over three years, second only to Brazil in the region. High demand for dollar-linked assets and crypto’s role in savings and payments make a hybrid card that converts crypto balances into everyday spending and credit particularly relevant.
Regional push
The move follows Nexo’s acquisition of Argentine platform Buenbit and a regional partnership with Argentina’s national football team, and fits a broader push to use Buenos Aires as the company’s Latin America hub for client support, partnerships and local infrastructure.
Broader context
Nexo’s card launch comes as other firms explore crypto-linked payment products in inflation-hit and dollar-strapped markets — for example, reports of Western Union testing a stablecoin-backed prepaid card and Nubank exploring stablecoin use within its credit card system. For Nexo, Argentina will be a test of user appetite for hybrid crypto cards and how well such products perform for everyday payments amid local regulations and consumer demand.
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