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- Meru launches a blockchain wallet in Bolivia, enabling seamless integration with Visa, Mastercard, and MoneyGram for users.
- The wallet offers self-custody and DeFi-based returns, targeting freelancers in Argentina, Chile, Peru, and Colombia.
- Cryptocurrency transactions in Bolivia surpassed $75 million, with virtual asset trading increasing by 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 operates on Stellar’s blockchain, ensuring transparency in all transactions.
“This wallet is self-custodial and provides the possibility of generating interest or yields through DeFi protocols, or let’s say Web3. So, that path to traditional finance or to blockchain services is imperceptible to the user and that is the great benefit. For this, we are working on the Stellar blockchain,” Carlos Neira told the Bolivian newspaper El Deber.
Carlos Neira, founder of Meru, highlighted that the wallet allows users to manage their assets through self-custody, offering greater control. It also enables clients to earn returns using DeFi protocols.
Sabemos que muchos de nuestros usuarios usan USDT en Tron para realizar depósitos y retiros en Meru, pero tenemos un problema. El precio del TRX es alto y la cantidad de TRX para realizar una transacción suele ser alto, haciendo que una transacción nos cueste algunas veces más de…
— Meru (@getmeru) December 4, 2024
According to Neira, the integration of blockchain and traditional finance simplifies 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 a person can accept payments in dollars, save, generate interest, spend or send money. It is an application without borders because an important component is blockchain services connected to traditional financial services such as Visa or Mastercard,” Meru’s founder explained to Bolivia’s El Deber newspaper.
The Central Bank of Bolivia recently reported that cryptocurrency transactions exceeded $75 million over four months. Between July and October, virtual asset trading increased by 112%, driven by electronic payment systems. This trend reflects growing demand for crypto financial solutions in Bolivia, as we continue to report in CNF.
Meru’s wallet operates using Stellar’s BLEND protocol, which supports the creation of immutable loans. Users can deposit and withdraw stablecoins such as USDT and USDC through 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 tasty burger for 0.000035 btc or 3500 sats through Lightning Network but you can also pay with USDT. @chiiitos_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 this kind of innovations?”, highlighted a consumer on his Instagram account.
To date, Meru has facilitated over 50,000 transactions for remote workers in Latin America, processing more than $13 million. The company plans to expand its services, offering new tools such as loans and additional payment features to support freelancers and other remote workers.
Continuing with reports on Bolivia in CNF, Bolivia is increasingly adopting cryptocurrencies for everyday transactions. Small businesses in cities like Santa Cruz, including the burger restaurant Chiiitos, have begun 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 where blockchain services integrate with traditional financial systems. This combination provides accessible and practical solutions for businesses and individuals, improving digital payment adoption in the region.
