Mexican fintech Kapital launched a crypto business credit card backed in digital dollars (USDC) to protect Colombian businesses from devaluation.
This new credit card is supported by Mastercard World Elite and allows customers to make international payments and access all of Mastercard’s benefits. The main difference is that the balance is in USDC cryptocurrency, a stable-coin that matches the price of the US dollar.
“We are aware of the current situation of the Colombian peso. For this reason, our purpose is to help companies shield and protect their money against volatility and devaluation,” said Kapital’s Head of Product, Miguel Farro. In 2022, the devaluation of the Colombian peso in relation to the US dollar was 20.8%.
This launch is a part of the company’s plan to continue expanding its presence in Colombia, after raising a $100M investment last year.
Kapital offers B2B banking solutions for SMEs. Through its platform, companies can manage their finances, access loans, and financing, and defer payments to suppliers for up to 6 months.
Read more on Latamfintech Hub