Lemon will provide technological support to companies to adopt bitcoin in El Salvador

Key facts

:

  • Lemon’s team was in El Salvador and takes the first steps of its expansion into that country.

  • The company also plans to offer cryptocurrency services to the population by early 2022.

With the entry into force of the bitcoin law in El Salvador, the different actors of the country’s economy must adapt to comply with the new regulations. To this end, the Argentine company Lemon signed an agreement with Salvadoran financial institutions to assist them in the process.

Marcelo Cavazzoli, CEO of Lemon, confirmed to CriptoNoticias that, for the moment, the firm has a closed agreement with a financial institution, and there is also another one in process. The company will provide “technological tools and software” for Salvadoran companies to accept bitcoin (BTC) as a means of payment.

In addition to the adoption of the cryptocurrency, Lemon’s role will be “to prevent them from running a risk due to the volatility of the asset by consolidating the bitcoins they receive in real time. To do this, what they will do is “convert them to dollars automatically”.

The companies associated with Lemon, which are “among the largest in the country and throughout Central America” must complete a registration and review process by the Central Bank of El Salvador, which is already underway. As soon as it is ready, says the interviewee, they will begin operations with bitcoin

.

In this partnership, which represents “a starting point” that can serve to expand “to other countries in the region,” Lemon also contributed its expertise in the subject. In addition to technology, “we trained their team by explaining how blockchain, bitcoin and other cryptocurrencies work”.

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On the other hand, this new path that Salvadorans are beginning to walk “enables other things, such as companies having part of their treasure in bitcoin”. In this regard, Cavazzolli said that several suppliers with whom Lemon works have asked for help in this regard.

Borja Martel and Marcelo Cavazzolli, the duo that runs Lemon. Source: Twitter Lemon.

A new market for Lemon in El Salvador

Beyond its collaboration with companies in the financial sector, Lemon also plans to provide services for the inhabitants of El Salvador. This idea is planned for “the first quarter of 2022”. As reported by CriptoNoticias, this is a service that Lemon <a href=”https://w

ww.criptonoticias.com/comunidad/lemon-argentina-mercado-listo-sistema-financiero-criptomonedas/” target=”_blank” rel=”noopener”>already offers in Argentina.

In total, Cavazzolli stresses that the company could find in the Central American country a reachable market of two million people who will interact with this technology. This, he says, “is little compared to other countries like Mexico, Brazil or Argentina, but it is important because it is a great initiative”, taking into account that 6.5 million people live in El Salvador. In El Salvador “because of the context, there are possibilities to create and innovate that are not available in any other country,” he says.

To take advantage of these circumstances, Lemon has already started its set-up in El Salvador and has already established a company to provide its services there. “We aim for the first quarter of 2022 to have a better value proposition,” says Cavazzolli, adding that the idea would be to integrate Lemon into the ecosystem that is formed along with the wallets and other actors.

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The current situation of bitcoin in El Salvador

To finalize the trade agreement and make “an analysis of the market and the political, structural and economic situation on a day-to-day basis,” the Lemon team spent 20 days in El Salvador. During their stay, Cavazzolli says, they saw interest in the topic of the Bitcoin Law.

“100% of the people we asked had heard of bitcoin. There was no one who did not know what it is,” he said. In this sense, he added that “we managed to get everyone to hear about bitcoin. Obviously, many had doubts and mistrust”.

That’s why, he says, “the educational part is missing,” and that’s what they also want to emphasize. “People have already accepted that this is going to happen and they were open to listen to explanations in order to learn,” he says.

As final considerations about “the historic day” that September 7 represents, Cavazzolli said that “it can mark a before and after for the evolution of the ecosystem. Of course, it is special because Lemon also contributes “its grain of sand”. “For us it is very motivating to be part of it and to collaborate with companies and people so that they can join in,” he concludes.