Nexo bets on Argentina’s dollar-scarce economy with crypto debit-credit card

Nexo has launched a dual-mode crypto card in Argentina, allowing eligible users to spend digital assets directly or borrow against their holdings without liquidating them, as the lender formalises Buenos Aires as its regional hub for Latin America. The move deepens Nexo’s exposure to a market where crypto has become entwined with household strategies for accessing dollar-linked value amid chronic currency instability.

The Nexo Card offers a debit mode for direct spending and a credit mode that lets users borrow against crypto collateral, with the company saying customers can toggle between the two within a single app interface. Nexo said the card supports transactions in both Argentine pesos and US dollars, alongside cashback on qualifying spending and interest accrual on idle in-app balances.

According to Nexo, the product includes fee-free ATM withdrawals of up to $1,000 and fee-free foreign-currency spending of up to $2,000 per month, features aimed squarely at users seeking to bridge crypto holdings with everyday transactions in an economy where dollar access has historically been restricted.

Local leadership change accompanies the launch

The card’s rollout coincides with Nexo’s appointment of Andres Ondarra as General Manager of Nexo Argentina, effective from 1 August, the company said. Ondarra, who brings more than 25 years of experience across traditional finance, fintech and crypto in Latin America, succeeds Federico Ogue, who led Nexo’s Argentina expansion and is departing for a new venture. Ogue had also been linked to Buenbit, the Argentine crypto platform Nexo acquired.

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

Nexo’s presence in Argentina has been building for months. Crypto.news reported in April that Nexo became the official regional digital-asset partner of Argentina’s national football team across South America, part of a broader effort to establish local infrastructure following the Buenbit acquisition.

Argentina’s dollar-linked crypto demand

Nexo said Argentina processed approximately $93.9 billion in digital-asset transactions over the past three years, placing it second in Latin America behind Brazil. The scale reflects a domestic market where crypto has functioned less as a speculative instrument and more as a practical substitute for savings and payments given long-standing capital controls and peso volatility.

By allowing users to borrow against holdings rather than sell them outright, Nexo’s credit mode is designed to appeal to Argentine users who treat crypto balances as a store of value they are reluctant to liquidate. Access to the credit function, Nexo noted, will still depend on individual account eligibility and terms.

The company’s decision to anchor its Latin America operations in Buenos Aires, rather than a larger regional market such as Brazil or Mexico, underscores how firmly Argentina’s dollar-scarce environment has shaped crypto-lending product design across the sector, with card-based spending and borrowing increasingly positioned as an alternative to conventional banking rails.