Sam Bankman-Fried, CEO of FTX, believes that the future of crypto is bright in Latam. In a recent interview, Bankman-Fried recognized the rising adoption and demand that cryptocurrencies are experiencing in Latam, stating that use is expected to grow for remittances and payments in the future.
Sam Bankman-Fried Talks Crypto in Latam
Latam is one of the areas globally that has become a cryptocurrency adoption hotbed due to its particular traits and circumstances, and the crypto industry is starting to notice. Sam Bankman-Fried, CEO of FTX and one of the richest men in crypto, has recognized the influence crypto has in the region, and he believes this will keep growing in the future.
In an interview with Bloomberglinea, Bankman-Fried declared the region will experience a rise in crypto adoption rates for different purposes. Bankman-Fried stated:
I think that the volume is going to increase over time and that we are going to see more and more adoption for remittances in Latam and that it is going to start being used for payments as well.
Remittances are a big field for digitization in the region. Mexico, El Salvador, and other countries in Latam present a $128 billion remittances market that is still not digitized and thus is thought to present an opportunity for cryptocurrencies.
A Native Currency and Business in the Area
FTX’s CEO, who has recently been involved in rescuing some of the crypto companies facing liquidity issues due to the current market downturn, believes that this new payment and remittances flow might benefit from a native cryptocurrency linked to the value of fiat currencies in the region.
There have been attempts at achieving this, with countries like Mexico already having a token pegged to its fiat currency issued by Tether, the stablecoin company.
The company is interested in Latam and has been having conversations about potential business opportunities in the region. Bankman-Fried stated:
I don’t think there is anything concrete at the moment, but we would love to do it and have been talking to potential partners in Latin America.
About possible mergers or acquisitions planned in the region, Fried noted:
I wouldn’t be surprised if we end up doing one, although again I don’t think there are any in particular that I know of that we’re considering.
What do you think of Sam Bankman-Fried’s thoughts about crypto in Latam? Tell us in the comments section below.
July 26, 2022
Guest post your crypto related content here: