Nexo Launches Crypto Card for Spending and Borrowing in…

Nexo has launched its crypto debit-and-credit card in Argentina, giving local users a new way to spend digital assets directly or borrow against crypto holdings without selling them. The rollout brings the Nexo Card to one of Latin America’s most active crypto markets and comes alongside the appointment of former Binance executive Andres Ondarra as Nexo’s general manager for Argentina. The company is positioning Buenos Aires as its regional hub for Latin America, underscoring Argentina’s importance in its broader expansion strategy. The Nexo Card is designed as a dual-mode product. In debit mode, users can spend crypto directly for purchases. In credit mode, they can use digital assets as collateral for crypto-backed borrowing, allowing them to access liquidity while retaining exposure to their holdings. Users can switch between the two modes inside a single interface. Nexo said new clients in Argentina can receive 10% back on their first card transaction, along with additional cashback and milestone rewards worth up to $450 during their first three months. The company also said users can earn up to 13% annual interest on idle in-app balances, paid daily. The product launch follows Nexo’s acquisition of Argentine crypto platform Buenbit in late 2025, a deal that gave it a stronger regional footprint across Argentina and Peru. Buenbit had more than one million clients in Latin America, and the acquisition formed part of Nexo’s plan to build Buenos Aires into a base for partnerships and further investment across the region.

Argentina Becomes a Crypto Payments Test Case

Argentina is a strategically important market for crypto payments because digital assets are already widely used as a savings and dollar-access tool. Years of high inflation, currency controls and peso volatility have encouraged many consumers to hold stablecoins and other digital assets as an alternative to local-currency savings. That backdrop makes Argentina a natural testing ground for products that connect crypto balances with everyday spending. Crypto cards try to solve one of the sector’s biggest usability gaps: consumers may hold digital assets, but spending them in normal commerce often requires converting funds, withdrawing to a bank account or using fragmented peer-to-peer channels. Nexo’s dual-mode structure is intended to make crypto balances more flexible. Debit mode supports direct spending, while credit mode gives users the option to borrow against assets rather than sell them. For customers who expect Bitcoin, Ether, stablecoins or other holdings to retain value, borrowing may be more attractive than liquidating during volatile market conditions. The approach also gives Nexo a differentiated position in Argentina’s competitive crypto market. Exchanges, wallets and fintech platforms have all targeted the country, but integrated spending and borrowing products remain less common than basic trading or custody services.

Latin America Expansion Carries Regulatory Stakes

The launch also reflects a broader shift in crypto companies’ Latin America strategies. Rather than serving the region only through offshore exchanges, firms are increasingly building localized teams, acquiring domestic platforms and offering products linked to real-world financial needs such as payments, savings, remittances and credit. Nexo’s appointment of Ondarra adds an operational layer to that strategy. As a former Binance regional executive, he brings experience from one of the largest crypto platforms operating in Latin America. His role will be to oversee Nexo’s Argentina business and support expansion from Buenos Aires into the wider region. Regulatory conditions remain an important factor. Argentina has been moving toward clearer oversight of virtual asset service providers, while policymakers have also debated how traditional financial institutions and crypto firms should interact. Products that combine payments, lending, custody and yield can attract additional scrutiny because they sit across multiple financial categories. For Nexo, the opportunity is to turn crypto from a passive holding into a daily financial tool. The company already offers trading, borrowing, savings and card products in other markets, and Argentina gives it a high-adoption environment where those services may find stronger demand. The market impact is unlikely to be immediate for crypto prices, but the strategic signal is clear. Crypto firms are increasingly treating Latin America not as an emerging side market, but as a core region for product deployment. Nexo’s Argentina card launch shows that spending, borrowing and yield products are becoming central to that next phase of competition.