Crypto exchange Lemon Cash enhances its Bitcoin cards' rewards in Argentina after the Latin American country's annual inflation rate increased by more than 50%.
Because of this, the cryptocurrency firm promises more than 3 million BTC rewards cards before 2022 ends.
In November 2021, Lemon Cash only planned to release around 100,000 crypto credit cards. The company said that Argentinians who purchase their Visa cards could receive 2% back in Bitcoin whenever they make any transaction.
"Latin America is a good place for these services," said the crypto exchange's Chief Marketing Officer Franco Bianchi.
Lemon Cash To Offer Millions of BTC Credit Cards
According to Bloomberg's latest report, the estimated 3 million crypto credit cards will help Argentina reduce its rising inflation rate.
Lemon Cash's CMO explained that people seek access to crypto as they refuse when the traditional currencies are devalued or unstable.
As of the moment, Argentina relies on credit cards to reduce the impact of the rising inflation rate on its economy. The issue is alarming because the country's central bank claims that the price surge can increase by up to 55% this 2022.
Other Companies Helping Argentina
Since the inflation rate in Argentina seems to worsen, other companies want to help the South American country.
Aside from Lemon Cash, the digital wallet provider Ripio also lends its hand by offering crypto credit cards as well. The newly launched Universal Exchange will also help Argentina by implementing a service similar to Lemon Cash.
The efforts made by Lemon Cash, Ripio, and Universal Exchange can further attract more consumers to invest in the blockchain industry in Argentina.
CoinDesk reported that the crypto investments in the Latin American nation reached more than $653 million back in 2021. This just shows that the blockchain industry in the country is further booming.
Since digital coins and crypto services are improving in Argentina, there's a high chance that they can help the nation get back on track.
Uber's CEO said they would soon accept crypto payments in other news. On the other hand, TurboTax's new feature now allows Coinbase consumers to deposit tax refunds.
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Written by: Griffin Davis
