Meru Launches Blockchain Wallet in Bolivia, Bridging the Gap Between Digital and Traditional Financial Services
Meru, a neobank founded by Colombian and Venezuelan entrepreneurs, has recently unveiled its blockchain wallet in Bolivia. This innovative wallet seamlessly integrates decentralized finance (DeFi) tools with traditional financial services such as Visa, Mastercard, and MoneyGram. Operating on Stellar’s blockchain, the platform ensures transparency in all transactions.
“This wallet is self-custodial and provides the opportunity to generate interest or yields through DeFi protocols, making the transition between traditional finance and blockchain services imperceptible to the user. We are proud to be working on the Stellar blockchain,” shared Carlos Neira, founder of Meru, in an interview with the Bolivian newspaper El Deber.
The wallet empowers users to manage their assets through self-custody, offering them greater control and the ability to earn returns using DeFi protocols. It primarily caters to Latin American freelancers in countries like Argentina, Chile, Peru, and Colombia who depend on cross-border payments.
Meru’s integration of blockchain and traditional finance aims to simplify user experience, making transactions seamless and easily accessible. This approach has garnered significant interest in the region, with the Central Bank of Bolivia reporting over $75 million in cryptocurrency transactions over the past four months. This surge, driven by electronic payment systems, reflects the increasing demand for crypto financial solutions in Bolivia.
Meru’s wallet operates on Stellar’s BLEND protocol, enabling users to deposit and withdraw stablecoins like USDT and USDC through the Stellar network. Despite its success, Neira acknowledged challenges with USDT transactions on the Tron network, where high TRX fees occasionally impact operational costs for users.
To date, Meru has facilitated over 50,000 transactions for remote workers in Latin America, processing more than $13 million. The company is planning to expand its services by introducing new tools such as loans and additional payment features to further support freelancers and remote workers.
In line with Bolivia’s increasing adoption of cryptocurrencies for everyday transactions, small businesses like the burger restaurant Chiiitos in Santa Cruz have started accepting Bitcoin and USDT as payment options. Leveraging solutions like the Lightning Network, merchants can efficiently process transactions, enhancing the overall payment experience for customers.
Meru’s entry into Bolivia signifies a broader trend where blockchain services seamlessly integrate with traditional financial systems, providing practical and accessible solutions for businesses and individuals. This convergence is driving digital payment adoption in the region and shaping the future of financial services in Bolivia.