Mexicans can now leverage their digital currencies for different use.
Thanks to Crecy, a local startup in Mexico founded in 2020, Mexicans now have the opportunity to use their cryptocurrencies - whether Bitcoin, Ethereum, Solana, Cardona, or Polkadot as collateral for a credit line of up to $35,000 USD.
The credit card which will begin to operate from Monday, September 26 in digital format, and the physical format starting in October, was launched by the local startup, developed in collaboration with Pomelo, a payment infrastructure and card issuance company from Argentina.
Users can access a line of credit on the credit card ranging from $50 to $35000 (1,000 to 720,000 Mexican pesos) with a "crypto-collateral" that must be at least twice the amount of credit line requested, for them to benefit from the service.
Crecy's co-founder and CEO Alexander Yaroshewski said in a statement that: "We saw that people couldn’t unlock the value of their crypto without selling it. That came together with how problematic we noticed it was to get a loan in Latin America, and that’s how we created the card."
This new development presents crypto-enthusiasts and business owners in Latin America looking to take on a credit line or loan with an opportunity to do so with their digital currency.