Lulubit Expands, Towerbank Launches Crypto Wallet, Visa Partners for Stablecoin Cards in Latin America

Latin America's cryptocurrency landscape is rapidly evolving, with significant developments from key players in the region. Lulubit, a Panama-based fintech company, has announced its plans to expand into Honduras and the Dominican Republic. Currently operating in Panama, Guatemala, and Costa Rica, Lulubit aims to reduce remittance costs and enhance crypto accessibility. The company, founded by Ianir Sonis, integrates traditional banking with cryptocurrency, allowing users to buy and sell digital assets directly through local bank accounts. This approach helps lower cross-border remittance fees, which can be as high as 6% in countries like Guatemala, by utilizing stablecoins and blockchain technology. Sonis describes Lulubit as a "2.5" company, blending Web2 and Web3 technologies to provide flexible financial tools for Latin America's growing population of remote workers and tech-savvy youth.

Towerbank, another key player, launched the Ikigii wallet during Panama Blockchain Week. This digital wallet combines US dollar accounts with crypto access in a single interface. According to Johan Hernández, head of Towerbank’s crypto unit, Ikigii was developed in response to the increasing demand for crypto services. By becoming one of the region’s first crypto-friendly financial institutions, Towerbank aims to offer seamless management and liquidation of crypto assets into fiat currency. While the initial rollout is focused on Panama, Towerbank has broader regional ambitions, particularly in countries with unstable currencies, to provide access to modern financial tools.

In a significant move, Visa has partnered with Bridge, a stablecoin payments infrastructure provider, to introduce stablecoin-enabled Visa cards across Latin America. These cards will allow users to spend stablecoins for everyday purchases, with transactions instantly converted into local currencies at any Visa-accepting merchant. The program is set to launch in Argentina, Colombia, Ecuador, Mexico, Peru, and Chile. This collaboration opens up new opportunities for developers in the region to integrate crypto payments into existing platforms. With US lawmakers advancing stablecoin legislation, this partnership could mark the beginning of more widespread adoption of cryptocurrency in traditional finance systems globally.

These developments highlight the growing integration of cryptocurrency into the financial landscape of Latin America. Lulubit's expansion and Towerbank's new wallet service demonstrate the region's increasing acceptance of digital assets, while Visa's partnership with Bridge signals a broader shift towards mainstream adoption. As these initiatives unfold, they are likely to drive further innovation and accessibility in the crypto space, benefiting both users and the broader economy.