OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network.
“This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit its customers. Ultimately the growth of the Bitcoin economy in Latin America and beyond,” – stated Josh Held, head of strategy at OpenNode.
The crypto company in Latin America with the quickest growth is thought to be Lemon Cash. The company, which has well over a million members in Argentina alone, provides consumers with a fiat-to-crypto exchange and a cryptocurrency wallet.
Argentina stands apart from most of its neighbors both in terms of the overall number of users and the number of transactions performed, despite the fact that Latin America has one of the highest rates of bitcoin adoption in the whole globe.
The nation’s residents are turning to cryptocurrencies in search of stability due to its high inflation and unstable financial system. Thus Argentina’s embrace of cryptocurrencies is the consequence of more than simply a fascination with new technology. According to a recent Reuters report, the rolling 12-month inflation rate hit 60%. At year’s end, the annual inflation rate is anticipated to reach 70%.
According to Borja Martel Seward, the co-founder of the company, the Lightning Network will help Lemon Cash make cryptocurrencies more useable and accessible in Latin America. Ambitions to launch a cryptocurrency card in 2022 while also expanding to Brazil were revealed by Lemon Cash earlier this year in May.
Since 2017, OpenNode has been trying to increase the use cases for the Lightning Network. Accomplishing the goal of developing a worldwide Bitcoin-based payment system will be easier when working with a platform like Lemon Cash, said Held.