In a significant move for the Argentine cryptocurrency landscape, local exchange Lemon has introduced a Bitcoin-collateralized Visa credit card, as reported by La Nación. Serving over 5.5 million users, Lemon stands as Argentina’s second-largest crypto exchange, enhancing its offerings tailored to the growing digital economy.
Marcelo Cavazzoli, the founder and CEO of Lemon, emphasized the innovation behind the new credit card, describing it as a convenient way for users to access financing in Argentine pesos without needing to liquidate their Bitcoin holdings. “We created a simple way to access credit in pesos using Bitcoin as collateral, without needing a credit history,” Cavazzoli stated.
The early structure of this new financial tool involves users depositing a minimum of 0.01 Bitcoin—valued at over $900 at current rates—as collateral, enabling them to receive a credit card with a pre-established limit of up to $1,000,000 pesos. Crucially, this model allows Bitcoin to remain in the user’s portfolio, untouched and unconverted.
Cavazzoli further remarked on the significance of Bitcoin, branding it as “the best store of value created in the history of humanity” and a cornerstone for the evolving digital economy. Looking ahead, Lemon plans to augment the system by allowing customers to adjust their credit limits and backup configurations. An additional feature in the pipeline aims to facilitate direct dollar-denominated purchases using stablecoins such as USDT and USDC.
The card’s features extend beyond basic functionality. Lemon has highlighted numerous benefits for cardholders including commission-free purchases of select cryptocurrencies such as Bitcoin and Ethereum, along with over 30 other cryptocurrencies. Additionally, users will gain early access to new features and receive a newsletter with critical market insights and portfolio summaries.
As a special promotion, the card’s initial maintenance fee will be waived for the first three months, courtesy of Rootstock. Following this period, users who maintain a cryptocurrency purchase of over $150 monthly will avoid a monthly fee of 7,500 pesos, approximately $5.
With this initiative, Lemon aims to leverage the popularity of Bitcoin among its user base, noting that it is the most commonly held asset by their users, surpassing both the crypto dollar and the Argentine peso. The introduction of this Bitcoin-backed credit card is seen as a transformative step, facilitating the integration of cryptocurrency into daily financial practices for many Argentinians.
