Lemon, one of the largest crypto exchanges in Argentina, has just launched the country's first Bitcoin-backed Visa credit card, allowing users to borrow Pesos without selling BTC.
🔸 Customers only need to lock a minimum of 0.01 BTC (approximately 960 USD) as collateral to receive an initial credit limit of 1 million Pesos, instead of liquidating their saved BTC.
🔸 This product targets the distrust in traditional banking systems among Argentinians due to the history of currency devaluation and past deposit freezes.
🔸 In the context of inflation in Argentina remaining high (around 30%), borrowing in Pesos backed by Bitcoin collateral helps users maintain their investment position while still having money for expenses.
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Lemon, one of the largest crypto exchanges in Argentina, has just launched the country's first Bitcoin-backed Visa credit card, allowing users to borrow Pesos without selling BTC.
🔸 Customers only need to lock a minimum of 0.01 BTC (approximately 960 USD) as collateral to receive an initial credit limit of 1 million Pesos, instead of liquidating their saved BTC.
🔸 This product targets the distrust in traditional banking systems among Argentinians due to the history of currency devaluation and past deposit freezes.
🔸 In the context of inflation in Argentina remaining high (around 30%), borrowing in Pesos backed by Bitcoin collateral helps users maintain their investment position while still having money for expenses.