- Nexo Card is launched in Argentina with payment solutions for crypto users.
- Andres Ondarra will lead Nexo Argentina as General Manager from August 1.
- Buenos Aires is positioned as a Nexo region in Latin America.
Nexo has launched its crypto debit-and-credit card in Argentina, marking a deep push into one of Latin America’s leading electronic markets and putting Buenos Aires at the center of its regional expansion plans.
The launch comes alongside a change in leadership, where Andres Ondarra has been appointed General Manager of Nexo Argentina.
The company said that the two events indicate the next stage of its growth in the country, where the digital economy has become a major part of the financial management of many users.
Nexo described Argentina as a market where crypto adoption continues deeper than anywhere else, citing the highest level of adoption of digital assets among the markets surveyed.
The company also said that Argentina generated about $93.9 billion in electronics sales over the three years, ranking second in Latin America behind Brazil.
Nexo Card brings cash for spending and borrowing
The Nexo Card allows customers in Argentina to use the digital economy in two ways. In debit mode, users can use their money directly. In the form of a loan, they can borrow the property as collateral without selling it.
The company said that customers can switch between both types through a single interface, giving users flexibility in how they manage and spend their crypto assets.
New customers are offered 10% back on their first swipe.
They can also get cashback and great rewards up to USD 450 total in the first three months. Nexo said users can earn up to 13% annual interest on the app’s no-frills bank account, which is paid daily.
The card has previously been recognized by the Digital Banker Awards, the FinTech Breakthrough Awards, and the PAY360 Awards.
“Argentine consumers are ten years away from making the digital economy part of the way they manage their wealth.” The Nexo Card was built precisely for this purpose – allowing them to spend money, lend their assets in a credit system, and earn any profit without having to sell. It’s the right to own that wealth, not just to hold it,” said Andres Ondarra, Nexoing’s Argentina CEO.
For Nexo, the launch of the product looks at the next stage of the use of crypto in Argentina.
With money already transferred to digital products, the company is focusing on everyday needs: spending money, borrowing and getting from products that do not require customers to sell.
Eligible customers in Argentina can apply for the Nexo Card through the Nexo app and website.
Ondarra takes over as Buenos Aires becomes the regional capital
Ondarra will lead the operations of Nexo Argentina from August 1.
He brings more than 25 years of experience in traditional finance, fintech and crypto in Latin America, including a background in Wall Street banking.
His appointment comes as Nexus places Buenos Aires as the regional capital of Latin America.
The company said it is investing in local infrastructure, sports partnerships, including the AFA, and the local community to support customers across the region.
Ondarra replaces Federico Ogue, who led Nexo’s growth in Argentina and is now moving to a new business.
“Argentina is one of the most advanced crypto and fintech ecosystems in the region, and the work Nexo has done here is something to be proud of. I hope to pass the staff to Andres, who brings exactly the experience and vision to lead Nexo to the next phase of growth in Argentina,” said Ogue.
