An Argentinian crypto venue Lemon Cash has started its activities in Brazil at a time when the crypto sector is reaching new peaks, as stated by Borja Martel (the chief commercial officer as well as the co-founder of the platform).
Lemon Cash to add Brazil to its crypto regions
On Monday, a beta was launched by the firm permitting 10,000 consumers to purchase as well as trade BTC (Bitcoin) and ETH (ether) with the utilization of Brazilian reals via Pix (a Central Bank-based system of retail payments that are done in real-time), mentioned Martel Seward. The respective step is witnessed as the crypto trading gains’ steady elevation in the biggest economy of South America.
As per Receita Federal (the tax authority of Brazil), from January to November of the previous year, natives traded $11.4B worth in stablecoins and approximately reached three times above the cumulative trading of 2020, whereas BTC trading touched $10.8B within the very period. Lemon Cash has a strategy to introduce a crypto card by this year with having Visa as its collaborator just like in Argentina, as pointed out by Martel Seward, without revealing the precise launch date.
He added that they are witnessing the chance to introduce a messaging venue that does not require any experts to run, Martel Seward expressed, signifying that the focus of the proposal will take account of the young customers. No strategies are devised by Lemon Cash to have acquisitions across Brazil, however, to surge organically, according to Martel Seward.
Brazil and cryptocurrency
Mercado Bitcoin – a native crypto exchange – front-runs the crypto market of Brazil, having touched 3.2M consumers during 2021. Bitso, a unicorn based in Latin America and running in Colombia, Argentina, and Mexico, targets to turn into the largest exchange of cryptocurrency across Brazil by this year, as asserted by the firm in January. Lemon Cash intends to have the appointments of up to 60 employees for its operations across Brazil till this year’s end, in the words of Martel Seward.
He specified that the platform presently possesses up to 220 employees in general. In July, more than $16.3M was raised by Lemon Cash in a funding round of Series A under Kingsway Capital (a Britain-based fund). Martel Seward moved on to signal that the venue does not prefer collecting the latest financing any time soon.
James Thompson