In a significant stride towards integrating digital and traditional financial services, neobank Meru has launched its blockchain wallet in Bolivia. Founded by Colombian and Venezuelan entrepreneurs, Meru’s innovative wallet seamlessly connects decentralized finance (DeFi) tools with conventional financial services such as Visa, Mastercard, and MoneyGram. The platform operates on the Stellar blockchain, ensuring transaction transparency.
Meru’s founder, Carlos Neira, explained to the Bolivian newspaper El Deber that the wallet provides self-custody, giving users greater control over their assets. It also enables users to generate returns through DeFi protocols. Neira emphasized that the integration of blockchain and traditional finance simplifies the user experience, making transactions seamless and accessible.
“We know many of our users use USDT on Tron for deposits and withdrawals in Meru, but we have a problem. The price of TRX is high, and the amount of TRX needed for a transaction is often high, sometimes costing us more for a transaction,” Meru tweeted on December 4, 2024. Despite these challenges, Neira remains optimistic about the potential of blockchain in transforming financial transactions.
The wallet primarily targets Latin American freelancers in Argentina, Chile, Peru, and Colombia, who rely on cross-border payments. “There are people who call us a neobank because with Meru, a person can accept payments in dollars, save, generate interest, spend or send money,” Neira elaborated. “It is an application without borders because an important component is blockchain services connected to traditional financial services such as Visa or Mastercard.”
The Central Bank of Bolivia recently reported a surge in cryptocurrency transactions, exceeding $75 million over four months. Between July and October, virtual asset trading increased by 112%, driven by the rise in electronic payment systems. This trend underscores the growing demand for crypto financial solutions in Bolivia.
Meru’s wallet operates using Stellar’s BLEND protocol, which supports the creation of immutable loans. Users can deposit and withdraw stablecoins such as USDT and USDC through the Stellar network. To date, Meru has facilitated over 50,000 transactions for remote workers in Latin America, processing more than $13 million.
In a reflection of the increasing adoption of cryptocurrencies, small businesses in cities like Santa Cruz have started accepting Bitcoin and USDT as payment options. One consumer highlighted on Instagram, “Pay with cryptocurrencies and bitcoin in Bolivia!!!! I ate a tasty burger for 0.000035 btc or 3500 sats through Lightning Network but you can also pay with USDT.”
Meru plans to expand its services, offering new tools such as loans and additional payment features to support freelancers and other remote workers. The advent of Meru in Bolivia is emblematic of a larger trend where blockchain services integrate with traditional financial systems, offering accessible and practical solutions for businesses and individuals and further driving digital payment adoption in the region.
