Nexo launches crypto card in Argentina as Latin America push grows

Nexo launched the Nexo Card in Argentina, giving eligible users a way to spend digital assets or borrow against them through one product. The card supports debit mode for direct spending and credit mode for borrowing against crypto collateral without selling holdings.

• Nexo’s dual-mode card lets eligible Argentine users spend crypto or borrow against holdings without selling.
• Buenos Aires now anchors Nexo’s Latin America strategy after Buenbit acquisition and Argentina football partnership.
• Andres Ondarra’s appointment gives Nexo a local lead with finance, fintech and crypto experience depth.

The company said users can switch between both modes inside one interface. Nexo also said the card supports purchases in Argentine pesos and U.S. dollars, with cashback on eligible spending and interest on idle in-app balances.

Nexo said the product is available through its app and website for eligible clients in Argentina. The launch gives the company a local payments tool in a market where crypto use remains tied to saving, payments and access to dollar-linked assets.

Incoming Argentina general manager Andres Ondarra said, “Argentine clients have spent a decade making digital assets part of how they manage wealth.” He added that the card lets users spend, borrow and earn “without having to sell.”

Ondarra takes over Argentina operations

The card launch came with Nexo’s appointment of Andres Ondarra as General Manager of Nexo Argentina. Ondarra will oversee local operations from Aug. 1, according to the company.

Ondarra has more than 25 years of experience across traditional finance, fintech and crypto in Latin America. Nexo said he will focus on client trust and the company’s growth in the country.He succeeds Federico Ogue, who led Nexo’s Argentina expansion and is moving to a new venture. Ogue had also been tied to Buenbit, the Argentine crypto platform acquired by Nexo.

crypto.news reported in April that Nexo became the official regional digital asset partner of Argentina’s national football team across South America. That report also said Nexo was building its local presence after the Buenbit deal.

Buenos Aires becomes Nexo’s Latin America hub

Nexo said Buenos Aires now serves as its regional hub for Latin America. The company plans to use the city as a base for client support, partnerships and local infrastructure.

Argentina has become a key market for crypto firms because many users already hold digital assets. Nexo said the country processed about $93.9 billion in digital-asset transactions over three years, ranking behind Brazil in Latin America.

The card fits that market by turning crypto balances into a spending and borrowing tool. Users do not need to sell assets before using credit mode, though access may depend on eligibility and account terms.

Nexo also says the card offers fee-free ATM withdrawals up to $1,000 and fee-free foreign-currency spending up to $2,000 each month. These features target users who want to connect crypto balances with daily spending.

Crypto cards gain ground in high-inflation markets

The launch comes as more companies test crypto-linked cards in Latin America and other inflation-hit markets. crypto.news reported that Western Union plans a stablecoin-backed prepaid card for countries facing currency pressure.

crypto.news also reported that Nubank wants to test stablecoin use within its credit card system. That plan shows how large fintech firms are looking at dollar-linked digital assets as a payment and settlement tool.

For Nexo, Argentina gives the company a market where crypto already has strong use among retail users. The Nexo Card adds a local product that connects payments, borrowing and yield features in one app.

The rollout may also test how users respond to hybrid crypto cards. Nexo’s next stage in Argentina will depend on user demand, local rules and how well the product works for everyday payments.