Argentina-based cryptocurrency exchange and wallet, Lemon, has achieved a significant milestone by securing the first fiat-crypto interoperability license in Peru.
This license allows Lemon to simplify the process of depositing and exchanging fiat currency for cryptocurrencies, requiring users to only use their phone numbers for transactions.
Lemon, which has a strong presence in Latin America with over 2.6 million users, is now positioned to expand its reach in Peru, facilitating easier access to the crypto market.
According to Tomas Field, Lemon’s PR Manager, the platform has already attracted over 12,000 users within three months of its launch in Peru, with plans to reach 120,000 users by 2024.
The primary goal of this service is to streamline the onboarding process for Peruvian users, making it simpler for them to transfer fiat currency and purchase digital assets instantly.
Federico Biskupovich, Lemon's COO, emphasised the significance of this development, noting that previously, buying cryptocurrencies in Peru required a high level of expertise.
Biskupovich highlighted that with Lemon's new service, users can now pay or exchange soles from any account to Lemon and buy cryptocurrencies instantly, marking a transformative moment for Peru's financial ecosystem.
The launch of Lemon’s services in Peru reflects the company’s broader strategy to meet the needs of the Latin American market, offering a product tailored specifically for the region.
Lemon’s founder, Marcelo Cavazzoli, previously announced the platform’s crypto-only phase in Peru, underlining its commitment to understanding and meeting the unique demands of each country in Latam.
Cavazzoli explained that this initial phase will help Lemon gauge the real demand for its crypto products, allowing for the integration of new features based on user needs.
The introduction of Lemon’s services in Peru is expected to have a significant impact on the country’s financial ecosystem, providing a more accessible entry point into the world of cryptocurrencies.
By reducing the barriers to crypto adoption, Lemon is poised to play a key role in driving the growth of digital assets in Peru.
This development also underscores the increasing importance of Latin America as a burgeoning market for cryptocurrency, with Lemon leading the way in innovation and accessibility.
As the first exchange to receive a fiat-crypto interoperability license in Peru, Lemon is setting a new standard for how digital assets can be integrated into everyday financial activities in the region.
The company’s expansion into Peru aligns with its broader mission to make cryptocurrency more accessible across Latin America, catering to a diverse and growing user base.
With its user-friendly approach and focus on regional needs, Lemon is likely to see continued growth and success in the Latin American crypto market.