Nexo, the 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.”
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.”
Elitsa Taskova, CPO of Nexo:
“Joining the Colombia Fintech Association aligns perfectly with Nexo’s mission to democratize wealth building. 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.”
Nexo’s collaboration with Colombia Fintech, a 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.”
