Mexican startup Crecy launched a credit card backed by cryptocurrencies in collaboration with Pomelo. The card will have a credit limit of $35,000 and is backed by cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA) or Polkadot (DOT), which are used as collateral for a line of credit. The credit card will allow users to use their balance in Mexican pesos to shop at any type of store, whether physical, online, mobile apps and digital subscriptions.
The event was held at the Bitcoin Embassy Bar in Mexico City, an iconic venue for crypto enthusiasts in Mexico City. Crecy’s co-founder and CEO Alexander Yaroshewski told Contxto that the idea is about leveraging digital currencies for different use.
“We have always been involved in crypto, but we were holders before. We saw that people couldn’t unlock the value of their crypto without selling it. That came together with how problematic we noticed it was to get a loan in Latin America, and that’s how we created the card,” said Alexander Yaroshewski.
Additionally, Crecy announced a collaboration with Neefter.eth (Solana and Ethereum’s blockchain-based platform) to launch an NFT of the credit card with an iconic design for collection.
Crypto adoption has grown rapidly in Mexico, as the latest data from Hellosafe shows, with more than 13,000 crypto users in the country who have bought shares or invested in companies that are creating solutions in this technology.
Founded in 2020, Crecy raised $633,000 in a pre-seed funding backed by Mucker Capital, Platanus Ventures, 500 Global LatAm, CAPEM, and other angel investors.