Lemon Cash, the Argentinian crypto-fintech that managed to raise $16 million in a financing round in August, moves its center of legal activities from Argentina to El Salvador, the first and the only country to adopt Bitcoin as legal tender.
“Lemon begins a process of international expansion to be able to reach more countries in the region with new products and services. The custody of the cryptocurrencies of the users will be in El Salvador, under the company Lanin Pay S.A. de C.V, which is also part of Lemon” — Marcelo Cavazzoli, CEO.
“As is publicly known, this year El Salvador became the first country in the world to adopt Bitcoin as legal tender and at Lemon we want to be part of this history and contribute our ideas and knowledge about the crypto industry.”
“Having chosen El Salvador was the product of encouraging Latin American development and supporting the first country that opted for the cryptocurrency industry”
In addition, he noted: “It is important to note that we also obtained the Bitcoin license, and this makes us the second company in Latin America to have a license of this type, which will allow us to expand in the region with better solutions for users”. With all this, El Salvador will hold custody of the cryptocurrencies of the application.
On September 7 of this year, El Salvador became the first country to adopt the world’s most important cryptocurrency as legal tender. This gesture caused the world to understand the level of adoption and openness towards cryptocurrencies and blockchain in the country.
As Cavazzoli explained to Infobae “It is not about a move, but about the expansion of Lemon that gives us the possibility of providing a new cryptocurrency custody service that will be offered from El Salvador, to build from there an expansion in Latin America. All Argentine users’ operations in pesos continue to be regulated by the corresponding entities according to Argentine legislation. “
Thanks to this optimistic outlook on the part of the Central American country, there are companies that welcome the possibility of moving there due to the great opening to the crypto world. The regulation of new technologies in the face of their various use cases is causing a great challenge on the part of governments in the world.
Today there is still no uniform idea in the world about cryptocurrencies or their different uses within the ecosystem, Lemon Cash is a crypto-fintech that proposes a new payment system, but offers the possibility of “cashback” in cryptocurrencies and the possibility of buying and storing them within the application.
A “cashback reward” or cashback program is an incentive plan used primarily by credit card companies, in which a percentage of the amount spent is returned to the cardholder. In the case of Lemon Cash, the money is returned in cryptocurrencies.
In a thread on its official Twitter account, the company communicated: “This historical event opens the doors to a crypto future of which we are part of. Lemon is the second company in the entire region to have a Bitcoin license and it will allow us to expand the crypto revolution to many more countries with new services such as crypto custody in El Salvador “, and clarified: “Lemon users they will be able to continue using the application as it has been up to now and its operation will not be affected”.