Paxos’ white paper reveals unique factors driving millions of Latin Americans to adopt digital assets
NEW YORK, September 13, 2022 /PRNewswire/ — Today, Paxosthe leading regulated blockchain infrastructure platform, published “What’s Driving Crypto’s Tremendous Growth? Latin America?“, a new white paper that delves into consumer and market trends driving the adoption of digital assets in the region. Following the successful integration of crypto into many Latin American fintech applications such as Free market, Nubank, PicPay and others, Paxos sought to understand the drivers behind the strong embrace of cryptocurrency in the region. Using crypto in Latin America has grown by 1,370% from 2019-2021, according to Chainalysis.
Paxos findings include key motivators of crypto adoption in Latin America: a desire for greater access to the US dollar as a hedge against inflation, easier and less expensive cross-border remittances and a general move away from traditional banking towards new service providers. Additionally, the availability of fintech applications and the penetration of internet technology via mobile phones, digital wallets and game consoles are lowering financial barriers for underbanked or unbanked individuals. Greater connectivity to the financial system is further accelerating the adoption of stablecoins and cryptocurrencies, whether for payments, international remittances, investments or as a store of value.
“We discovered a number of converging socio-economic, technological, regulatory and cultural forces over the past two years to further push crypto into the mainstream financial system in Latin America“, he remarked Michael Coscetta, Chief Revenue Officer at Paxos. “What’s more exciting is the potential for digital asset markets to increase the spending and saving power of millions, thereby helping to drive innovation.”
Paxos concluded that the future looks promising for continued growth Latin America cryptocurrency markets, catalyzed by expanding awareness of the asset class, the desire to break away from traditional banks, the popularity of digital wallets, the continued advancement of internet access, and continued economic volatility.
“What’s Driving Crypto’s Tremendous Growth? Latin America“ was created with the support and expertise of:
- Bruno Balduccini, partner at Pinheiro Neto Advogados, Brazil
- Gloriana Carballofintech consultant at Impesa, Costa Rica
- Wences CasaresCEO of Xapo, Argentina
- Dolores ElJaouhariproduct manager at Prex, Argentina
- Florence Grasslproduct innovation and marketing manager at Multimoney, Redeemer
- Ernesto Lealpayments and head of products at Grupo Gente, Costa Rica
- Agustin Paezgrowth marketing manager at Prex, Argentina
To learn more about Paxos and its regulated infrastructure and products, visit www.paxos.com. Download the full white paper here.
About Paxos
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked up in inefficient and outdated financial plumbing that is inaccessible to millions of people. Paxos is re-platforming the financial system to enable assets to move instantly anywhere in the world, at any time, in a reliable way.
Paxos uses technology to tokenize, store, trade and settle assets. It builds enterprise blockchain solutions for institutions such as PayPal, Brokers Interactive, Mastercard, Free market, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is the most funded fintech company with more than $540 million raised by major investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London AND SingaporePaxos takes a global approach to modernizing the financial system.
Media contact:
Becky McClain,
[email protected]
SOURCE Paxos
