It’s not easy for Latin Americans to borrow money from traditional banks at a time of extremely high interest rates and relentless inflation. So some in the region have turned to crypto to gain access to needed credit.
It is not easy for Latin Americans to borrow money from traditional banks at a time of extremely high interest rates and relentless inflation. So some in the region have turned to crypto to gain access to needed credit.
“As the adoption of cryptocurrencies grew in Latin America, we noticed that people had to sell their bitcoins to spend on their daily lives,” Di Bartolomeo said. “That was when we saw credit could help people grow their businesses or projects without selling their crypto.” Since the launch of that lending feature, the amount borrowed from NuARS grew by 70%, Manuel Calderon, Buenbit’s financial manager, told CoinDesk. He said the borrowing limit expanded from 1 million ARS to 5 million ARS in September, adjusting to user demand.
Calderon said that approximately 30 loans are opened and 25 closed per day on Buenbit’s platform. “Users go from small and medium companies that want to get 5 million NuARS to buy machinery, to people who get only 3,000 pesos to pay a small expense like eating in a restaurant,” he said.
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