Borja Martel Seward, co-founder and chief commercial officer of Lemon Cash,Argentina-based crypto exchange has begun operations in Brazil amid the South American country’s crypto surge.
According to Martel Seward, the business launched a test on Monday that allows 10,000 users to buy and sell bitcoin (BTC) and ether (ETH) using Brazilian reals using Pix, the Brazilian Central Bank’s real-time retail payment system.
The move comes as cryptocurrency trading in South America’s largest economy continues to rise. According to Receita Federal, the Brazilian tax authority, locals traded $11.4 billion in stablecoins between January and November 2021, nearly double the quantity sold in 2020, while bitcoin trading hit $10.8 billion over the
Lemon Cash intends to issue a crypto card in 2022 in conjunction with Visa, similar to what it did in Argentina, according to Martel Seward, who did not specify a specific date for the launch.
“We see an opportunity to develop a platform for the public,” Martel Seward said, adding that the idea will target youthful consumers.
Lemon Cash does not intend to make any acquisitions in Brazil, but rather to grow organically, according to Martel Seward
Mercado Bitcoin, a local crypto exchange, now leads the Brazilian crypto sector, with 3.2 million users as of 2021. Bitso, a Latin American crypto unicorn with operations in Mexico, Argentina, and Colombia, said in January that it aspires to become Brazil’s largest crypto exchange by 2022.
Lemon Cash intends to hire 60 people in Brazil by the end of 2022, according to Martel Seward, who said that the company presently employs 220 people worldwide.
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