Nexo launches crypto card in Argentina for spending and borrowing

What Nexo launched in Argentina

The Nexo Card lets users in Argentina operate in two modes. In debit mode, cardholders spend their crypto balances directly. In credit mode, they borrow against their digital assets as collateral, keeping exposure to any future price appreciation while accessing liquidity. For related coverage, see UK Unveils New Crypto Regulations: What the Rules Mean.

Nexo said the card offers borrowing rates starting at 1.9% per year and new-client milestone rewards of up to USD 450. Eligible clients in Argentina can apply through the Nexo app and website. For related coverage, see Solana ETF Launches on Kazakhstan Stock Exchange.

The company also appointed Andres Ondarra as General Manager of Nexo Argentina, effective August 1, 2026. Ondarra will oversee the local operation from Buenos Aires. For related coverage, see ESMA Opens Dedicated Review of Crypto Custody Providers in the EU.

How the dual spending and borrowing model differs

Most crypto card products in the region function as straightforward debit instruments. Wirex, for example, offers a card for spending crypto and traditional currencies with cashback incentives, but its public materials describe a debit-only model.

Nexo’s pitch centers on the addition of credit-mode borrowing. Rather than converting crypto to fiat at the point of sale, users can take a loan against their holdings, repay later, and retain upside if prices rise. That structure resembles a securities-backed line of credit more than a traditional prepaid card.

According to Nexo’s launch announcement, the product is “the only crypto credit card of its kind in Argentina.” No independent product census was available to confirm that claim, so it reflects the company’s own positioning rather than a verified market survey.

The crypto lending market reached $73.59 billion in 2025, and Nexo’s card represents one way that lending infrastructure is being packaged into consumer-facing products. The borrowing component is what separates the card from simpler spend-only alternatives.

Why Argentina is the target market

Argentina ranked second in Latin America with USD 93.9 billion in crypto transaction volume, according to Chainalysis’s regional analysis.

That volume reflects persistent demand driven by peso instability and limited access to dollar-denominated financial products. A card that lets users hold crypto while spending in Argentine pesos or U.S. dollars addresses both sides of that equation.

Nexo’s local footprint comes through its December 2025 acquisition of Buenbit, which the company described as a CNV-registered Virtual Asset Service Provider. That registration gives Nexo an operating base and regulatory standing in Argentina, though the launch materials read as a company announcement rather than a formal regulatory approval.

The Buenos Aires hub strategy positions Nexo alongside other firms that have used Argentina’s relatively open posture toward crypto businesses as a regional entry point. Nexo has faced regulatory friction elsewhere, including a $500,000 fine related to unlicensed crypto loans, which makes the CNV-linked local entity a notable part of the expansion narrative.

Nexo said Argentina has the highest share of digital-asset adoption of any market it has surveyed, though the underlying survey was not independently verified in this reporting.

Bitcoin traded near $62,175 at the time of the announcement, down roughly 2.8% over the prior 24 hours, while the Fear and Greed Index sat at 20, in “Extreme Fear” territory. The subdued market backdrop means Nexo is launching a spend-and-borrow product at a moment when holders may prefer borrowing against depressed valuations rather than selling outright.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.