The Crecy cryptocurrency-backed credit card has been introduced to the public in Mexico City, Mexico. This new financial instrument of the Mexican financial technology startup Crecy is its second offering.
Moreover, the Crecy cryptocurrency-backed credit card will be operational in digital format starting today, Monday, September 26, 2022, and in physical format beginning October 2022’s first week.
We want to give our avid followers many choices when it comes to financial instruments like credit cards that are already available in cryptocurrency-based editions.
We believe this report about the new Crecy cryptocurrency-backed credit card will be relevant for them, so we are sharing it on our official portal. Crecy is a lending application provider headquartered in Mexico’s capital.
This financial technology startup’s founders established it in 2020 and have raised US$633,000 in a pre-seed financing from angel investors, Mucker Capital, CAPEM, 500 Global LatAm, and Platanus Ventures.
Crecy recently launched its cryptocurrency-backed credit card at the Bitcoin Embassy Bar, per the update posted on the Internet by Contxto, a news and information website covering Latin America’s venture capital, startups, and technology scenes.
This iconic location is dedicated to virtual currency enthusiasts in Mexico City. Crecy’s cryptocurrency-backed credit card does not have any charges or annuities.
It already provided credit using Mexican consumers’ virtual assets as collateral. Interested customers will have to leave their cryptocurrencies like Polkadot, Cardano, Bitcoin, Solana, or Ethereum as collateral to obtain the Crecy cryptocurrency-backed credit card.
They can access a line of credit ranging from approximately US$50 to US$35,000 or about 1,000 to 720,000 Mexican pesos, respectively. When interested consumers apply for Crecy’s cryptocurrency-backed credit card, their credit histories do not get reviewed.
Additionally, merely the collateral is relevant, and the amount of which must be at least twice as much as the line of credit being requested.
Crecy developed its cryptocurrency-backed credit card in collaboration with Argentina-based credit card issuance and payment infrastructure company Pomelo.
Alexander Yaroshewski cited that the idea of a cryptocurrency-backed credit card is about leveraging virtual currencies for different utilization.
The Crecy co-founder and chief executive officer remarked that their company had always been involved in crypto-assets and were holders previously.
Yaroshewski also relayed that they witnessed that consumers could not unlock cryptocurrency’s value without selling it.
He said this reality came together with how problematic they had noticed taking out a loan in Latin America was.
The Crecy CEO stated that this scenario is how their team made the Crecy cryptocurrency-backed credit card.
We are quite pleased to discover the new Crecy cryptocurrency-backed credit card. We think this financial offering enables Mexican consumers to put their virtual currencies to new use.
We want to congratulate Crecy’s management as well. We think this Mexican financial technology company that lets consumers utilize their crypto-assets as collateral for a credit card performed a financial breakthrough.
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