After two local fintechs (Buenbit and Lemon) received a US$ 27.3 million funding boost, the city of San Martín de Los Andes ended up becoming one of the pioneers in the Americas to use cryptocurrencies in local businesses. 60% of the inhabitants already use cryptocurrencies and 40% of companies accept them through QR codes as a means of payment.
According to an article published on Investing.com, bitcoin, Theter and Ethereum are currencies known to much of the local population. “Most have some savings in these assets”, says one of the cofounders of Lemon, Borja Martel, a company whose main product is a digital wallet for cryptocurrencies.
With an eye on changing population behavior, the company created Patagonia Crypto Valley in the city, a hub that brings together companies, institutions, and startups that promote solutions based on blockchain technology.
Prepaid card in crypto and expansion plans
To promote the use of cryptoassets, Lemon is launching the “Lemon Card”, a prepaid card that will combine Argentine pesos with cryptocurrencies. With it, users will use their crypto balance in all business premises that accept Visa cards.
Buenbit, in turn, is a platform focused on DAI stablecoin, but it also accepts transactions in BTC and ETH. The company’s plans include expanding operations to other South American countries, including Brazil.