By the end of 2022, the company expects to hire 60 people in Brazil.
Lemon Cash, an Argentina-based cryptocurrency exchange, has expanded into Brazil, capitalising on the South American country’s crypto growth, according to co-founder and chief commercial officer Borja Martel Seward.
On Monday, the business launched a beta that enables 10,000 users to buy and sell bitcoin (BTC) and ether (ETH) using Brazilian reals via Pix, the Brazilian Central Bank’s real-time retail payment system, Martel Seward said.
The move comes as cryptocurrency trading in South America’s largest economy continues to grow gradually. According to Receita Federal, the Brazilian tax office, locals traded $11.4 billion in stablecoins between January and November 2021, nearly double the amount sold in 2020, while bitcoin trading hit $10.8 billion over the same period.
Lemon Cash intends to issue a crypto card in conjunction with Visa in 2022, similar to the one launched in Argentina, Martel Seward stated, without specifying a specific date.
“We see an opportunity to create a platform for the masses, something that anyone can use without needing to be an expert,” Martel Seward explained, adding that the idea will target youthful consumers.
Lemon Cash has no ambitions to acquire companies in Brazil, preferring to expand organically, Martel Seward explained.
Local cryptocurrency exchange Mercado Bitcoin is expected to dominate the Brazilian crypto market in 2021, with 3.2 million members. Bitso, a Latin American crypto unicorn with operations in Mexico, Argentina, and Colombia, stated in January that it aspires to become the largest cryptocurrency exchange in Brazil by 2022.
Lemon Cash intends to hire 60 staff in Brazil by the end of 2022, Martel Seward said, adding that the company now employs 220 people worldwide.
Lemon raised $16.3 million in a Series A fundraising round led by British venture capital firm Kingsway Capital in July.
According to Martel Seward, the company does not place a high premium on seeking new capital in the near future.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.