Nexo Joins Colombia Fintech as Local Crypto-Yield Clients Soar 73%
Bogotá, Colombia, September 26th, 2024, Chainwire
Nexo, the leading institution for digital assets, today announced its strategic membership in the Colombia Fintech Association. This move comes as Nexo experiences a 73% surge in local clients, using Nexo’s crypto-yield products, underlining the company’s significant expansion into Colombia’s flourishing crypto market.
Nexo’s membership in the Colombia Fintech Association, which includes over 360 innovative companies and 9,000 professionals, will enable deeper integration into the country’s dynamic financial ecosystem. Colombia’s burgeoning Fintech scene—driven by a growing middle class, dynamic startup culture, remittances, and demand for stablecoins—offers fertile ground for Nexo’s services.
Nexo’s Current Impact in Colombia
This strategic move follows a notable trend observed by Nexo since August 2023: a 73% year-on-year increase in new clients from Colombia using Nexo’s crypto-yield products. Over the past year, Nexo has closely monitored this ripe market, where the growing demand for stablecoins aligns perfectly with its high-yield digital asset offerings. This growth trajectory, coupled with a young, tech-savvy population, underscores Colombia’s readiness to engage with and benefit from Nexo’s innovative, secure financial solutions. Nexo’s commitment to the Colombian market is further exemplified by its investment arm, Nexo Ventures, which backed the successful local PayTech startup Zulu. The firm has grown to process over $100 million in international payments for businesses across multiple continents.
“Joining the Colombia Fintech Association aligns perfectly with Nexo’s mission to democratize wealth building,” said Elitsa Taskova, CPO of Nexo. “Colombia presents a unique opportunity: with an astounding 92.1% of the population already having access to crypto-related services, the country is making a notable leap towards digital finance. Nexo is ideally positioned to offer our user-friendly, comprehensive digital asset solutions. We’re not just entering a market; we’re empowering millions of Colombians with accessible digital asset tools and shaping the future of finance in Latin America.”
“We are thrilled to welcome Nexo as the first European Fintech to join Colombia Fintech. Their arrival highlights the growing global recognition of our ecosystem and reinforces our mission to drive financial innovation in Colombia. We look forward to the opportunities this partnership will bring and the new synergies it will foster within the market.” María Mercedes Agudelo, VP of Operations at Colombia Fintech.
Future Plans and Market Potential
Nexo’s collaboration with Colombia Fintech, a leading Latin American Fintech ecosystem, marks a significant milestone in its expansion. The company has already established a significant presence in Colombia, issuing over $34 million in credit and paying out $1.5 million in crypto-yield. These figures, while a fraction of Nexo’s global operations, represent a substantial footprint in Colombia’s crypto market and demonstrate the appetite for digital asset services in the country.
Looking ahead, Nexo will leverage this partnership to introduce tailored products for the Colombian market and aims to double its client base in Colombia over the next 12 months, paving the way for impactful innovations that benefit both the Colombian market and its people.
About Nexo
Nexo is the world’s leading digital assets institution. The company’s mission is to maximize the value and utility of digital assets by offering a comprehensive suite of products, including advanced trading solutions, credit lines backed by crypto assets, and high-yield crypto accounts. Nexo currently serves 7 million users across over 200 jurisdictions and has processed more than $130 billion in digital asset transactions. For more information, visit nexo.com.
About Colombia Fintech
Colombia Fintech is the Fintech Association in Colombia that has been around for more than four years and brings together more than 250 companies from the country’s innovative financial ecosystem. The main purpose of this association is to inject new energy into the digital financial services ecosystem through positioning strategies, knowledge, and capital that target three major fronts: investment, talent, and digital financial inclusion.
