The Argentine company has just launched the functionality through a special alliance with Mercado Pago. How does the system work
Bitcoin is showing signs of a recovery in price and many Argentines want safeguard your savings in this instrument that exploded during the months of isolation.
Thus, the “puchitos” of the salary that they can collect month after month are invested in digital assets, although in most of the times they lament: “I should have bought more.”
For them, the Argentine exchange SatoshiTango just launched the possibility of acquiring Bitcoin, Ethereum and digital dollars with a card and even in installments.
How does it work
“From a special alliance with Mercado Pago, we have the possibility that load with card and make a buy with crypto. It is rare in the local market. It’s a big feature“, ahead of iProUP Matías Bari, CEO and co-founder of the company.
Thus, the exchange adds this new form of payment to other existing ones, such as the possibility of recharge the virtual account offered by the company through a transfer of an account bank (CBU) or fintech (CVU), extra-bank collection networks (Rapipago and Easy Payment), cryptocurrencies and cash withdrawal at home.
Once funds are held in SatoshiTango, the mechanism is similar to a home banking: user can switch between pesos and different crypto offered by the system (bitcoin, ether, USDC, DAI, etc.).
According to Bari, it is possible “buy in installments“, but the user will have to take charge of the commissions that it charges Payment Market, we can no longer absorb them because our profit per transaction is 1% “.
The executive remarks that this fee, that Mercado Pago retains merchants, is reported by the company before confirming the transaction.
“It’s perfectly detailed. Yes you buy $ 1,000, it will cost you $ 1,050 approximately “, indicates Bari, who also adds that” it is a special alliance with Mercado Pago, an item that they have differentiated in their policy of use “.
Matías Bari, CEO and co-founder of SatoshiTango
In addition, being a purchase with the unicorn’s wallet, some promos would apply, such as the interest-free fees with bank cards Patagonia, HSBC and Reba.
What do Argentines buy
Bari remarks that, both nationally and internationally, interest in Bitcoin has been decreasing, but users are returning to operate after the “scare” by the sharp depreciation of the leading cryptocurrency.
“After the 50% drop, the music turned off and the party ended. From overnight, transactions fell. It remained that way for a few weeks, but it resumed the upward path a bit and there are more operations“.
However, it highlights that “the current volume with the price in u $ s50,000 it is a lot less than operated the last time it was at that value, not only in Argentina, but also international level“.
Also, trust iProUP that he 80% of transactions on the platform corresponds to purchases of Bitcoin and Ether, while the rest is divided between the other currencies, especially the stablecoins or “digital dollars“, which maintain their price at par with the dollar.