The cryptocurrency startup Lemon Cash announced the launch of its cryptocurrency app in Brazil. This is the first country outside of Argentina for the crypto startup.
Lemon Cash is a digital wallet and crypto exchange app. In Argentina, Lemon Cash is the most-downloaded app in the App Store.
The startup launched the beta version of its platform in Brazil this month to 10,000 users.
With Lemon Cash, users can buy and sell Bitcoin (BTC) and ether (ETH) using Brazilian reais through the Central Bank’s payment system Pix. New users will also receive benefits with Lemon Earn, such as an annual fixed rate for Bitcoin purchases.
“There is a huge opportunity [in Brazil] because currently there are no other players like Lemon Cash that can unite the global market with cryptocurrency,” said Marcelo Cavazzoli, co-founder and CEO.
Latin America is a hotspot for cryptocurrency. According to Brazilian tax authorities, stable coin trade reached $11.4B in 2021, almost tripling the total transactions made in 2020.
“We see an opportunity to launch a platform for the masses, something you can use without the need to be an expert,” said Martel Seward, co-founder and CCO.
The startup will hire around 60 new employees for the Brazil team. Lemon Cash also aims to reach 1 million users by the end of the year.
The cryptocurrency startup Lemon Cash will also look to introduce a crypto card in partnership with Visa in 2022, as it has done in Argentina.
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