Lemon Exchange launches Argentina’s first credit card backed by Bitcoin

Argentina’s second-largest cryptocurrency exchange, Lemon has launched country’s first credit card that is backed by Bitcoin. This will allow its users to access peso credit without a bank account or credit history and without selling BTC, aiming to turn long-term Bitcoin savings into an everyday financial tool.

The card is Visa, making it spendable everywhere. The bitcoin on this credit card is held as collateral, so it is not sold or converted to local currency. The user deposits 0.01 bitcoin as collateral—currently equivalent to about $900—and receives a credit card in pesos with a limit of $1,000,000.

Once the product gains enough traction, users will be able to set up their own backup amounts and credit limits. Lemon is also working on something that will allow users to buy dollar-backed goods to be paid in USDC or USDT.

At the launch, more than 30 cryptos are supported. For now, users can only buy them, not exchange them for some other crypto. All purchases as of now are commission-free.

There will be a maintenance fee of $7500 per month, which is quite a lot, if you ask us, but if you spend $150 or more in a month, it will be completely waived off. Also, there will be no maintenance for the first 3 months from now.

I think it is a much better overall deal than something like TenX and other debit cards. What do you think?