Ledn, a Canadian company that offers bitcoin credit and savings solutions, announced on Friday that it has formed a partnership with Cryptobuyer.
Based in Panama, Cryptobuyer is one of the major companies dealing in digital assets in South America.
The company claims to have approximately 50,000 customers across Argentina, Mexico and a host of countries in Central America.
Aside from offering standard cryptocurrency brokerage services, the firm also operates crypto ATMs and point-of-sale (PoS) machines for retailers.
The firm has been particularly active in Venezuela – a country whose dire economic situation has caused a huge uptick in the use of cryptocurrencies.
Many people in the socialist haven will be familiar with Cryptobroker as the company provides Traki, the country’s largest retail outlet, with cryptocurrency PoS machines.
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USD loans at North American prices
Through its partnership with Ledn, Cryptobroker users in South America will soon be able to apply for bitcoin-backed loans in dollars at North American terms and rates.
Like Alex Mashinsky’s Celsius Network, Ledn takes bitcoin deposits in return for loans.
Those loans are fixed at one year at a 12 percent interest rate. Anyone taking out a loan does not have to make monthly payments but must pay back the required amount – in either bitcoin or dollars – by the end of the year.
Alongside that, the firm is launching a savings account for bitcoin. Customers that use the account will be able to gain interest on their holdings in the digital asset.
That will be music to ears of customers in South America, a continent long subject to hyperinflation and economic mismanagement at the hands of socialist dictators.
Venezuela, where inflation is set to hit 10 million percent in 2019, has seen huge demand for cryptocurrencies. Dash has seen particular success in the country, with over 2,000 retailers accepting the cryptocurrency as a form of payment.