Nexo Joins Colombia Fintech Association as Strategic Member

Nexo, a multi-product ecosystem of cryptocurrency products, joins Colombia Fintech Association underlining the company's notable expansion into Colombia's thriving blockchain market.

Colombia Fintech Association welcomes Nexo as strategic member

According to the official statement of Nexo, one of the leading digital assets institutions, it has become a strategic partner of Colombia Fintech Association. This decision was taken amid another phase of company's expansion to Latin America.

Image by Nexo

Nexo's membership in the Colombia Fintech Association, which features 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 start-up culture, remittances and demand for stablecoins — offers fertile ground for Nexo’s services.

Elitsa Taskova, CPO of Nexo, is sure that this step is aligned with the vision and mission beyond Nexo and its current offerings:

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.

As of Q4, 2024, the company has already established a significant presence in Colombia, issuing over $34 million in credit and paying out $1.5 million in cryptocurrency yields.

Nexo reports 73% client number search in Colombia

María Mercedes Agudelo, VP of Operations at Colombia Fintech, is excited by the potential of Nexo's contribution to the growing local Web3 ecosystem:

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.

This strategic move follows a notable trend observed by Nexo since August 2023. The platform registered a whopping 73% increase in new clients from Colombia using Nexo’s cryptocurrency yield offerings.

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.

Also, Nexo solidifies its presence in the local VC sphere. Its investment arm, Nexo Ventures, recently backed the successful local PayTech start-up Zulu.