Central America processes over $70B+ annually in remittances and crypto transactions.  Remittances aren't optional here — in Guatemala, one in three households depends on them. In Honduras, it's one in two. Yet the average user is paying ~5.9% in fees just to move money home. The system is broken.

Lulubit is fixing it.

Founded by Ianir Sonis, Lulubit has built a fully licensed, bank-integrated crypto exchange across Panama, Guatemala, Costa Rica, and Honduras — with the Dominican Republic next. Think of it as the Coinbase for Central America, but purpose-built for the region's real financial needs: remittances, on/off ramps, stablecoin yield, and a MasterCard debit card (Lulucard) that lets users spend crypto anywhere.

Crypto adoption in Central America sits at just 2% compared to ~10% across broader Latin America. That's 5x growth headroom, and as the region's remittance corridors continue to expand and stablecoin usage accelerates across LATAM (up 63% YoY according to Chainalysis), Lulubit is positioned at the center of this wave.

Lulubit isn't just following the hype. They're competing on well-built infrastructure and deep local connections. Exclusive local bank API integrations that take 18–24 months to establish. Fees at ~1% versus the 3–5% charged by competitors. Compliance-first approach with KYC/AML baked in. The product suite is driving real retention. 50% of volume now stays on-platform thanks to the card and yield products.

Across Central America, remittances represent one of the most significant sources of economic inflows, in many cases rivaling or exceeding traditional export sectors. In countries such as Honduras, Nicaragua, and El Salvador, remittance flows account for approximately 24–27% of national GDP, illustrating how deeply cross-border payments are embedded within the region’s economic structure. Guatemala, the region’s largest economy, still receives remittances equivalent to roughly 20% of GDP, while even relatively more diversified economies like Costa Rica maintain meaningful inflows.

This extraordinary reliance on remittance flows creates a structural demand for efficient and low-cost payment infrastructure. Traditional remittance rails—often dominated by legacy money transfer operators—typically impose fees ranging from 5–8% per transaction, particularly for smaller transfers. As a result, digital payment platforms and crypto-enabled financial services are increasingly viewed as a way to reduce friction, improve settlement speed, and expand financial access. For companies like Lulubit, which operate at the intersection of digital assets and cross-border payments, this macroeconomic reality presents a significant opportunity.¹

• Remittances account for 19–26% of GDP in countries like El Salvador, Guatemala, Nicaragua, and Honduras.

• In Honduras alone, remittances reach ~26% of GDP, illustrating how deeply cross-border payments support the economy.

• Across the region, remittance flows exceed $45 billion annually and represent a major financial inflow tied primarily to migrants in the United States.

• On average, remittances represent ~21% of GDP across Central American economies, far higher than in South America (~2%).

There's clearly a structural demand for remittance rails, wallets, and cross-border payment infrastructure.

Remittance flows into Central America have expanded dramatically over the past several years, reaching an estimated $45–50 billion annually across the region. This growth has been driven primarily by migrant labor in the United States, where millions of Central American workers send funds home to support families and local communities.

Despite macroeconomic volatility, remittances have proven remarkably resilient. Even during periods of economic disruption, flows to countries such as Guatemala, El Salvador, and Honduras have continued to rise, reflecting the essential role these payments play in household consumption and economic stability. The consistency of these transfers makes remittances one of the most predictable and reliable financial inflows in the region.

For fintech and crypto companies, this growing payment volume represents a substantial market opportunity. Digital asset infrastructure has the potential to dramatically reduce settlement times and transaction costs compared to traditional remittance channels. As blockchain-based payments mature, platforms such as Lulubit are positioned to capture a meaningful share of this expanding financial corridor.

• Monthly volumes scaled from six figures in early 2024 to eight figures today.

• 70,000+ users with ~50% six-month retention.

• 2,500+ Lulucards used daily for everything from groceries to tax payments.

• Seven figures in ARR with single-digit customer acquisition cost.

• 100+ businesses using Lulubit.

Varys Capital invested in Lulubit's seed round.

About Varys Capital

Varys Capital is a global, multi-strategy digital asset fund that invests in and supports early-stage companies building blockchain-enabled businesses. We are a highly differentiated capital partner with a deep understanding of the digital asset ecosystem and a proven track record of success as investors and operators. We provide our portfolio companies with access to capital, expertise, and a network of relationships to help them scale and succeed. Varys Capital was established in 2018 and is headquartered in Abu Dhabi, UAE, and Bangkok, Thailand. Twitter | Linkedin For more information, visit: https://varys.capital/

1. Source: World Bank – Personal Remittances Received (% of GDP)

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Central America processes over $70B+ annually in remittances and crypto transactions.  Remittances aren't optional here — in Guatemala, one in three households depends on them. In Honduras, it's one in two. Yet the average user is paying ~5.9% in fees just to move money home. The system is broken.

Lulubit is fixing it.

Founded by Ianir Sonis, Lulubit has built a fully licensed, bank-integrated crypto exchange across Panama, Guatemala, Costa Rica, and Honduras — with the Dominican Republic next. Think of it as the Coinbase for Central America, but purpose-built for the region's real financial needs: remittances, on/off ramps, stablecoin yield, and a MasterCard debit card (Lulucard) that lets users spend crypto anywhere.

Crypto adoption in Central America sits at just 2% compared to ~10% across broader Latin America. That's 5x growth headroom, and as the region's remittance corridors continue to expand and stablecoin usage accelerates across LATAM (up 63% YoY according to Chainalysis), Lulubit is positioned at the center of this wave.

Lulubit isn't just following the hype. They're competing on well-built infrastructure and deep local connections. Exclusive local bank API integrations that take 18–24 months to establish. Fees at ~1% versus the 3–5% charged by competitors. Compliance-first approach with KYC/AML baked in. The product suite is driving real retention. 50% of volume now stays on-platform thanks to the card and yield products.

Across Central America, remittances represent one of the most significant sources of economic inflows, in many cases rivaling or exceeding traditional export sectors. In countries such as Honduras, Nicaragua, and El Salvador, remittance flows account for approximately 24–27% of national GDP, illustrating how deeply cross-border payments are embedded within the region’s economic structure. Guatemala, the region’s largest economy, still receives remittances equivalent to roughly 20% of GDP, while even relatively more diversified economies like Costa Rica maintain meaningful inflows.

This extraordinary reliance on remittance flows creates a structural demand for efficient and low-cost payment infrastructure. Traditional remittance rails—often dominated by legacy money transfer operators—typically impose fees ranging from 5–8% per transaction, particularly for smaller transfers. As a result, digital payment platforms and crypto-enabled financial services are increasingly viewed as a way to reduce friction, improve settlement speed, and expand financial access. For companies like Lulubit, which operate at the intersection of digital assets and cross-border payments, this macroeconomic reality presents a significant opportunity.¹

• Remittances account for 19–26% of GDP in countries like El Salvador, Guatemala, Nicaragua, and Honduras.

• In Honduras alone, remittances reach ~26% of GDP, illustrating how deeply cross-border payments support the economy.

• Across the region, remittance flows exceed $45 billion annually and represent a major financial inflow tied primarily to migrants in the United States.

• On average, remittances represent ~21% of GDP across Central American economies, far higher than in South America (~2%).

There's clearly a structural demand for remittance rails, wallets, and cross-border payment infrastructure.

Remittance flows into Central America have expanded dramatically over the past several years, reaching an estimated $45–50 billion annually across the region. This growth has been driven primarily by migrant labor in the United States, where millions of Central American workers send funds home to support families and local communities.

Despite macroeconomic volatility, remittances have proven remarkably resilient. Even during periods of economic disruption, flows to countries such as Guatemala, El Salvador, and Honduras have continued to rise, reflecting the essential role these payments play in household consumption and economic stability. The consistency of these transfers makes remittances one of the most predictable and reliable financial inflows in the region.

For fintech and crypto companies, this growing payment volume represents a substantial market opportunity. Digital asset infrastructure has the potential to dramatically reduce settlement times and transaction costs compared to traditional remittance channels. As blockchain-based payments mature, platforms such as Lulubit are positioned to capture a meaningful share of this expanding financial corridor.

• Monthly volumes scaled from six figures in early 2024 to eight figures today.

• 70,000+ users with ~50% six-month retention.

• 2,500+ Lulucards used daily for everything from groceries to tax payments.

• Seven figures in ARR with single-digit customer acquisition cost.

• 100+ businesses using Lulubit.

Varys Capital invested in Lulubit's seed round.

About Varys Capital

Varys Capital is a global, multi-strategy digital asset fund that invests in and supports early-stage companies building blockchain-enabled businesses. We are a highly differentiated capital partner with a deep understanding of the digital asset ecosystem and a proven track record of success as investors and operators. We provide our portfolio companies with access to capital, expertise, and a network of relationships to help them scale and succeed. Varys Capital was established in 2018 and is headquartered in Abu Dhabi, UAE, and Bangkok, Thailand. Twitter | Linkedin For more information, visit: https://varys.capital/

1. Source: World Bank – Personal Remittances Received (% of GDP)

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