Lemon, also known as Lemon Cash, is a financial technology (fintech) company based in Latin America that provides a digital wallet and financial services platform integrating traditional fiat currency with cryptocurrencies. The company primarily targets the Argentinian market and has expanded its services across Latin America, positioning itself as a key player in the region's cryptocurrency ecosystem. Its core product is a mobile application that allows users to buy, sell, earn interest on, and spend digital assets through a VISA card program. As of January 2026, the company reported having over 5.1 million users. ^[1]​

Overview

Lemon aims to bridge the gap between the conventional financial system and the emerging world of decentralized finance (DeFi) and cryptocurrencies. Its platform is designed as a comprehensive financial application, enabling users to manage both Argentine Pesos (ARS) and a wide array of digital assets within a single interface. ^[1] The company's strategy focuses on addressing specific economic challenges prevalent in Latin America, particularly in Argentina, such as high inflation, currency devaluation, and a historical distrust in traditional banking institutions. ^[2] By providing tools for saving in cryptocurrencies like Bitcoin and stablecoins, alongside mechanisms to spend those assets on daily purchases, Lemon offers an alternative to the local financial system. ^{[1] [2]}​

The platform's offerings include a cryptocurrency exchange, a yield-generation service called Lemon Earn, a peer-to-peer (P2P) marketplace, and bill payment functionalities. A central component of its ecosystem is the VISA Lemon Card, which initially launched as a prepaid debit card offering Bitcoin cashback on all purchases. In January 2026, the company expanded its card services by launching a Bitcoin-backed credit card. ^[2] Lemon also emphasizes transparency through publicly verifiable Proof of Reserves and Proof of Solvency, a measure taken to build user trust. The company's value proposition is summarized in its marketing as "The only fintech you need". ^[1]​

History and Milestones

While the company's founding date is not specified in the available materials, key developments mark its growth. A significant early milestone was the launch of the VISA Lemon Card, a prepaid debit card, in Argentina. This product was central to its strategy of integrating crypto into everyday spending by offering Bitcoin cashback on purchases. By early 2026, Lemon had achieved a user base of over 5.1 million people across Latin America, indicating substantial growth and adoption in the preceding years. ^[1]​

Lemon launches Bitcoin-backed credit card in cash-hoarding Argentina

On January 15, 2026, Lemon launched Argentina's first Bitcoin-backed VISA credit card. This launch represented a major product expansion, allowing users to access credit lines in Argentine pesos by using their Bitcoin holdings as collateral without needing to sell their assets. The move was designed to provide liquidity to crypto holders in a volatile economic climate. ^[2]

Other undated milestones include the integration with Brazil's PIX instant payment system, signaling expansion efforts in the region, and publishing its "Crypto Report 2023," which documents its operational scale. ^[1]​

Products and Services

Lemon App & Wallet

The Lemon application is the central hub for all of the company's services. It functions as a digital wallet that supports both fiat and cryptocurrencies. ^[1]​

Cryptocurrency Trading and Fiat Integration

The app allows users to buy and sell over 30 different cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USD Coin (USDC), Tether (USDT), and DAI. Transactions can be initiated instantly using Argentine Pesos (ARS), with a minimum purchase amount of $100 ARS. The wallet supports deposits from more than 16 different blockchain networks, providing users with flexibility in managing their digital assets. In addition to ARS deposits, the platform includes a feature for users to deposit US Dollars (USD), which are automatically converted into USDC stablecoins in their account. The app is also integrated with PIX, Brazil's instant payment network, allowing users to facilitate payments through that system. ^[1]​

P2P Market "Agora"

Integrated within the app is a peer-to-peer marketplace named "Agora." This feature allows Lemon users to directly exchange Argentine Pesos and cryptocurrencies with one another, providing an alternative trading venue to the main exchange. ^[1]​

VISA Lemon Card (Prepaid Debit)

One of Lemon's flagship products is its international, contactless, prepaid VISA debit card. The card has no issuance or maintenance fees. Its primary feature is a cashback program that rewards users with up to 2% of their purchase value back in Bitcoin (BTC). When a user makes a purchase, Lemon's system automatically converts the necessary amount of cryptocurrency from the user's wallet into the local fiat currency to settle the transaction with the merchant, enabling seamless spending of digital assets at any location that accepts VISA. ^[1]​

Bitcoin-Backed VISA Credit Card

On January 15, 2026, Lemon, in partnership with VISA, launched a Bitcoin-backed credit card in Argentina. This product differs from its prepaid debit card by offering a revolving credit line rather than requiring users to spend their existing crypto holdings. ^[2]​

The card allows users to collateralize their Bitcoin to receive a credit line in Argentine Pesos (ARS). The primary goal is to provide users with short-term liquidity in local currency without forcing them to sell their long-term Bitcoin savings. The locked Bitcoin serves as an "immobilized guarantee" and is not converted or spent by Lemon.

At its launch, the terms for the credit card were:

• Collateral Requirement: A minimum of 0.01 BTC must be locked.
• Credit Limit: This collateral provides an initial credit limit of 1,000,000 ARS.

Lemon announced plans to enhance this service by allowing users to adjust their collateral amounts to modify their credit limits. The company also intends to enable the settlement of purchases denominated in U.S. dollars directly with stablecoins like USDC and USDT held in the user's account. ^[2]​

Lemon Earn

Lemon Earn is the platform's yield-generation service, which enables users to earn weekly profits on the cryptocurrencies they hold in their wallets. The feature is described as a "bridge to DeFi," as it connects user funds to various decentralized finance protocols to generate returns. This allows users to passively increase their holdings without actively trading. ^[1]​

Payments and Transfers

The Lemon app integrates several payment and transfer functionalities. Users can pay for over 4,000 different services, such as utilities and mobile phone bills, directly from the app using either their ARS balance or their cryptocurrency holdings. Additionally, the platform features a proprietary transfer system using $lemontags. These unique user identifiers enable instant and fee-free international transfers between Lemon users. ^[1]​

Lemon Nation and Web3 Identity

Lemon has integrated Web3 features into its platform through a project called Lemon Nation. This initiative allows users to build a digital identity on the blockchain. Upon joining, users receive a free, personalized NFT called a "Lemmy," which serves as their profile picture and a foundation for their on-chain identity. By reaching certain milestones within the app, such as making purchases or using specific features, users can unlock and collect additional NFTs as rewards. ^[1]​

Transparency Initiatives

Lemon has placed a strong emphasis on financial transparency by implementing two key public-facing features to build user trust. a move the company contrasts with the opacity of traditional banking. A quote from the company states: "In crypto we verify. What a bank would never do: Verify in real time where all the funds we custody are with our Proof of Reserves and Proof of Solvency." ^[1]​

Proof of Reserves

The Proof of Reserves is a publicly accessible dashboard that allows anyone to verify in real-time that Lemon holds customer assets in a 1:1 ratio. This feature is intended to demonstrate that the company has sufficient cryptocurrency in its custody to cover all user balances on its platform. ^[1]​

Proof of Solvency

Complementing the Proof of Reserves, the Proof of Solvency feature provides a broader view of the company's financial stability. It is designed to show that Lemon's assets exceed its liabilities, assuring users of the platform's overall financial health and its ability to meet its obligations. ^[1]​

Market Context and Adoption

As of January 2026, Lemon reported a user base of over 5,160,000 across Latin America, establishing it as a major regional exchange alongside competitors like Bitso and Mercado Bitcoin. The platform's rapid adoption is closely tied to the economic conditions in its primary market, Argentina. ^{[1] [2]}​

The appeal of services like Lemon in Argentina is driven by a history of economic instability, including repeated currency devaluations and persistently high inflation, which was reported in the "low-30%" range in early 2026. This has fostered a deep-seated distrust in the local banking system, exacerbated by events like the 2001 "corralito," a bank deposit freeze that severely eroded public confidence. Consequently, there is a widespread culture of saving in hard assets outside the formal financial system, primarily in physical U.S. dollars. A Reuters report cited in market analysis estimated this amount to be around $271 billion. Bitcoin and other cryptocurrencies are increasingly seen as a digital alternative to the U.S. dollar for wealth preservation. Lemon's products are designed to "turn a favored savings asset into day-to-day spending power" by bridging crypto savings with daily transactional needs. ^[2]​

The broader Latin American market has seen significant growth in cryptocurrency activity. According to market data from early 2026, centralized crypto exchange flows in the region grew approximately ninefold over the previous three years. Regional exchange flows reached an estimated 1.5 trillion. ^[2]​

Partnerships

Lemon has a key strategic partnership with VISA. This collaboration enabled the issuance of both its international prepaid debit card and its Bitcoin-backed credit card. This partnership allows Lemon cards to be used across the global VISA network, which is critical for the utility of spending crypto assets at millions of merchants worldwide. ^{[1] [2]}​