- Argentinian bitcoin exchange Lemon Cash launched a Visa card that offers a 2% cashback in BTC for each purchase.
- Users can use the international card to buy everyday consumer items at any merchant that accepts Visa.
- Lemon automatically converts the necessary amount of cryptocurrency from the user’s account into Argentinian pesos to make the payment.
Argentina-based bitcoin exchange Lemon Cash has launched a bitcoin card in conjunction with Visa that offers 2% cashback in BTC for each purchase, reported Bloomberg Línea. The offering is the first card of its kind to combine pesos, the national fiat currency, with cryptocurrency in Argentina, and allows users to make regular purchases with their cryptocurrency holdings.
“Visa aligned with our plans to do things in Argentina and we could make this an international card, which has both a digital and physical use,” Marcelo Cavazzoli, CEO of Lemon, told Bloomberg Línea.
Lemon will deliver 100,000 cards on launch day for users that were on the waiting list, Cavazzoli said, adding that his company’s mission is to “fill Argentina with bitcoin and make people enter this world that is the future.” Making the 2% cashback on each purchase be paid in BTC is central to achieving that goal, he said.
“We want people to save in bitcoin,” Cavazzoli said. “We have hacked traditional finance by inserting crypto into the day-to-day. We are going to be the bridge between the traditional system and cryptocurrencies.”
Adults in Argentina can solicit and use the card after signing up for an account with Lemon Cash. Buying everyday consumer items will be made possible through an instant conversion of any cryptocurrency in the user’s account to pesos at the moment the purchase is made. The 2% cashback in bitcoin is then credited to the user and automatically added to their Lemon Earn savings account.