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The developers of the Lemon crypto wallet announced the launch of a credit card in Argentina, with which its owners can receive fiat currency secured by bitcoins.
The company emphasized that issuing a card is possible without a credit history and without the participation of banks as intermediaries. At the initial stage, the credit card has a fixed limit. The client deposits 0.01 Bitcoin and gets access to a short-term loan in pesos.
“We have created an easy way to get a peso loan using Bitcoin as collateral, without the need for a credit history. “Bitcoin is the best store of value ever created and the cornerstone of the new digital economy,” said Lemon CEO Marcelo Cavazzoli.
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Visa acted as Lemon’s payment partner. With access to its infrastructure, customers can pay by credit card in locations that have Visa-enabled terminals.
Credit card owners have access to cashback of up to 2% in bitcoins, and also support for ether, stablecoins USDT and USDC. Customers can choose a “reserve” currency in case the main currency does not have enough funds to pay for the purchase, the company noted.
There is no service fee for the first three months on the credit card. After that, it will be $7,500 per month, but can be canceled if the owner has purchased cryptocurrency in the amount of $150 per month.
Earlier, Galaxy Research analysts reported that lending secured by cryptocurrencies grew by 38.5% over the year, exceeding $73 billion. The reasons for the growth were new customer incentive programs and market reflection.
