Key facts:
Nexo Colombia has issued US$34 million in loans and paid US$1.5 million in returns.
The Fintech Association of Colombia brings together more than 360 innovative companies and 9,000 professionals.
Nexusthe leading digital asset institution, today announced its strategic membership in the Fintech Association of ColombiaThis decision comes at a time when Nexo is seeing a 73% increase in the number of local customers using Nexo’s crypto yield products. This underlines the company’s significant expansion into Colombia’s burgeoning crypto market.
Nexo’s membership in the Colombian 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 landscape, fueled by a growing middle class, a vibrant startup culture, remittances, and demand for stablecoins, offers fertile ground for Nexo’s services.
The current impact of Nexo in Colombia
This strategic move follows a clear trend observed by Nexo since August 2023: a 73% year-over-year increase in new customers from Colombia using Nexo’s products that generate revenue in crypto.
Over the past year, Nexo has closely monitored this expanding market, where the growing demand for stablecoins aligns perfectly with its high-yield digital asset offerings. This growth trajectory, coupled with a young and tech-savvy population, underscores Colombia’s readiness to participate and benefit from Nexo’s innovative and secure financial solutions.
Nexo’s commitment to the Colombian market is further exemplified by its investment arm, Nexo Ventures, which backed successful local startup PayTech 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 creation. Colombia presents a unique opportunity: with a staggering 92.1% of the population having access to cryptocurrency-related services, the country is making a remarkable leap towards digital finance. Nexo is ideally positioned to offer our comprehensive and easy-to-use digital asset solutions. We are not just entering a market; we are empowering millions of Colombians with accessible digital asset tools and shaping the future of finance in Latin America.”
Elitsa Taskova, CPO of Nexo.
“We are delighted 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.”
Maria Mercedes Agudelo, VP of Operations at Colombia Fintech.
Future plans and market potential
Nexo’s collaboration with Colombia Fintech, a leading Fintech ecosystem in Latin America, marks an important milestone in its expansion. The company has a significant presence in Colombia, issuing over USD 34 million in loans and paying USD 1.5 million in cryptocurrency yields. These figures, while a fraction of Nexo’s global operations, represent a substantial presence in Colombia’s cryptocurrency market and demonstrate the appetite for digital asset services in the country.
Looking ahead, Nexo will leverage this partnership to introduce customized products for the Colombian market. It also aims to double its customer base in Colombia over the next 12 months. This will pave the way for impactful innovations that benefit both the Colombian market and its people.
About Nexo
Nexo is the world’s leading digital asset 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, crypto-backed lines of credit, and high-yield cryptocurrency accounts. Nexo serves 7 million users in over 200 jurisdictions and has processed over $130 billion in crypto-asset transactions. For more information, please visit Nexus.
Press contact for Nexo:
Nexo Communications Team: pr@nexo.com
About Colombia Fintech
Colombia Fintech is the Fintech Association of Colombia that has been in existence 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, knowledge and capital strategies that target three major fronts: investment, talent and digital financial inclusion.
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