July 12, 2024

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Remittances drive ‘uneven, but swift’ crypto adoption in Latin America

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Remittances drive ‘uneven, but swift’ crypto adoption in Latin America

Remittance payments, fiat fears, and profit-chasing have been the three most significant drivers of crypto adoption in Latin America, according to a new report.

The seventh-largest crypto market in the world saw the value of cryptocurrencies received by individuals rocket 40% between July 2021 to June 2022, reaching $562 billion, according to an Oct. 20

Interestingly, the report found that citizens in the larger and more developed Latin American economies were also likely to adopt cryptocurrencies as a means of profit.

Related: Latin America is ready for crypto — Just integrate it with their payment systems

Chileans were the most involved in DeFi, with over 45% of all crypto transaction volume taking place on DeFi platforms followed by Brazil at just over 30%, Brazil was the number one country in the region for crypto value received closing in on $150 billion.

“Latin America’s more DeFi-centric crypto markets are not unlike Western Europe’s or North America’s, where market participants are embracing cutting edge, returns-focused crypto platforms moreso than savings-centric centralized services,” Chainalysis explained.