Lemon is the second-largest crypto exchange in Argentina, supporting over 5.5 million users.
Argentinian cryptocurrency exchange Lemon has released a Visa credit card collateralized by means of Bitcoin, local news La Nación reported Wednesday.
Lemon is the second-largest crypto exchange in Argentina, supporting over 5.5 million users. The latest Bitcoin-backed Visa credit card permit access to financing in pesos without having to sell or transform their BTC holdings.
“We formed a easy way to get access credit in pesos the use of Bitcoin as collateral, while not requiring credit records,” stated Marcelo Cavazzoli, founder and CEO of Lemon, in an official statement.
The rollout is the primary stage in the product development, with simple mechanisms and a set amount.
How Does Lemon BTC-Backed Credit Card Work?
Per the exchange website, the user deposits 0.01 bitcoin as collateral – recently over $900 in value– and gets a credit card in pesos with a pre-assigned limit of $1,000,000. This way, Bitcoin is only held as collateral, and is neither sold nor transformed.
“Bitcoin is the best store of value formed within the history of humanity and the fundamental piece for the latest digital economy,” Cavazzoli added.
Moreover, within the next section of the venture, users will be capable to set up their very own backup and credit limit. Also, Lemon is creating a way to permit dollar-denominated purchases to be paid directly in digital dollars such of USDT and USDC stablecoins, the announcement read.
User Advantages
Lemon emphasized that users of the credit card will have commission-free purchases of digital dollars, Bitcoin, Ethereum and over 30 cryptos. Besides, distinct advantages consist of early access to latest features, e-newsletter with market information and portfolio summary.
In the early 3-months, the card’s renovation will be waived by Rootstock, the corporation referred to, following which, 7,500 pesos per month ($5) will be waived for users who purchase over $150 worth of cryptocurrency per month.
“In Argentina, Bitcoin is the most held asset by Lemon customers, above the crypto dollar and the peso,” it added. “With this card, Lemon seeks to convert those savings into an everyday tool.”
