- Meru launches a blockchain wallet in Bolivia, enabling seamless integration with Visa, Mastercard and MoneyGram for users.
- The wallet offers self-management and DeFi-based returns, aimed at freelancers in Argentina, Chile, Peru and Colombia.
- Cryptocurrency transactions in Bolivia surpassed $75 million, with virtual asset trading rising 112% in four months.
Meru launches Blockchain Wallet in Bolivia, connecting digital and traditional financial services Meru, a neobank founded by Colombian and Venezuelan entrepreneurs, has introduced its blockchain wallet in Bolivia.
This wallet connects decentralized finance (DeFi) tools with conventional financial services such as Visa, Mastercard and MoneyGram. The platform works on Stellar’s blockchain and ensures transparency in all transactions.
“This wallet is self-managing and offers the ability to earn interest or revenue through DeFi protocols, or let’s say Web3. That path to traditional finance or to blockchain services is therefore not visible to the user and that is the big advantage. For this we are working on the Stellar blockchain,” Carlos Neira told Bolivian newspaper El Deber.
Carlos Neira, founder of Meru, emphasized that the wallet allows users to manage their assets through self-custody, offering greater control. It also allows clients to earn returns using DeFi protocols.
There are many new users using USDT to fund their savings and retirement, but it can be a problem. The price of TRX is high and the TRX cantidade to realize a transaction that is always so, that a transaction can never happen more than ever before…
— Meru (@getmeru) December 4, 2024
According to Neira, the integration of blockchain and traditional finance simplifies the user experience, making transactions seamless and accessible. This wallet primarily targets Latin American freelancers, including professionals in Argentina, Chile, Peru, and Colombia, who rely on cross-border payments.
“There are people who call us a neobank because with Meru someone can accept payments in dollars, save, earn interest, spend or send money. It is an application without borders, because an important part are blockchain services connected to traditional financial services such as Visa or Mastercard,” the founder of Meru explained to the Bolivian newspaper El Deber.
The Central Bank of Bolivia recently reported that cryptocurrency transactions exceeded $75 million in four months. Between July and October, trading in virtual assets increased by 112%, thanks to electronic payment systems. This trend reflects the growing demand for crypto financial solutions in Bolivia as we continue to do so report in CNF.
Meru’s wallet works using Stellar’s BLEND protocol, which supports the creation of immutable loans. Users can buy stablecoins such as USDT and USDC via the Stellar network. However, Neira acknowledged challenges with USDT transactions on the Tron network, where high TRX fees sometimes increase operational costs for users.
“Pay with cryptocurrencies and bitcoin in Bolivia!!!! I ate a delicious burger for 0.000035 btc or 3500 sats via Lightning Network, but you can also pay with USDT. @chiititos_araguaney accepts and they are in Alameda Junin nro 157 steps away from the first ring in #Santacruz #Bolivia. what do you think, should we support these types of innovations?”, emphasizes a consumer on his Instagram account.
To date, Meru has facilitated more than 50,000 transactions for remote workers in Latin America, processing more than $13 million. The company plans to expand its services and offer new tools such as loans and additional payment features to support freelancers and other remote workers.
Continue with reports on Bolivia in CNFBolivia is increasingly using cryptocurrencies for daily transactions. Small businesses in cities like Santa Cruz, including burger restaurant Chiiiitos, have started accepting Bitcoin and USDT as payment options. By using solutions like the Lightning Network, merchants can process transactions quickly and efficiently.
Meru’s arrival in Bolivia reflects a growing trend of blockchain services integrating with traditional financial systems. This combination provides accessible and practical solutions for companies and individuals, improving the adoption of digital payments in the region.