Cryptocurrency

Crypto and NFT Adoption in Latin America Is on the Rise

With the emergence of dedicated marketplaces and institutional card offerings.

Cryptocurrency

Crypto and NFT Adoption in Latin America Is on the Rise

With the emergence of dedicated marketplaces and institutional card offerings.

The adoption of digital assets from crypto to NFTs continues to expand in Latin America — in a variety of sectors including retail, consumer, and governmental.

According to a report from local news outlet livecoins, the Federal Revenue of Brazil (RFB) has released data showing that the adoption of cryptocurrency by businesses. The report reflects that businesses holding cryptocurrency on their balance sheets have increased by over 6% from July to August to a total of 12,053 — with Bitcoin being the primary crypto asset.

Other areas of adoption in Latin America can be seen in the latest card offerings from both Mastercard and FTX’s newly announced expansion into the region with Visa.

Through the Mastercard offering with Binance, users have access to over 90 million global merchants. The provider has taken a special interest in aiding the growth of crypto adoption in Latin America with services in the region primarily being made available to Argentina.

To provide the best possible use case scenarios, Binance is constantly updating supported cryptocurrencies via the card, with the latest added to the roster being SHIB.

FTX also recently announced that it will be rolling out crypto Visa card access to over 40 countries in Latin America, with a larger global expansion to follow.

The zero-fee card creates ease of access to liquidity for crypto holders and converts to local fiat instantly at the time of transaction. Services like these are intended to create frictionless use cases and increase both the access, adoption, and utility of crypto in Latin America and around the world.

When it comes to governmental adoption in the region, El Salvador and its President Nayib Bukele continue to lead the way. Despite turbulent market conditions and criticism, Bukele maintains a long-term bullish outlook on the benefits of Bitcoin for his country and people.

In another realm of digital assets, NFTs and the Metaverse are also gaining popularity in the region. In late August, Los Angeles’ biggest Web3 Latinx conference, Hola Metaverso made its way to Colombia’s capital, Bogota.

The event brought together individuals from all over Web3, including metaverse, crypto, NFT, DeFi, and DAO communities.

“Our Web3 community continues to grow organically and it is our mission to continue to bring awareness, education, workshops, and create and provide event experiences that connect our members,” said Oszie Tarula, Founder of Hola Metaverso.

NFT adoption is also on the rise in the region, with one newly launched marketplace dedicated to seeing Latin American artists join its platform and benefit from the technology.

Raising over $4 million USD and backed by OpenSea Ventures, Minteo believes that the region of Latin America is prime for adoption with the combination of a fast-growing young population, high smartphone usage, increasing crypto acceptance, existing art, and music-driven culture, scarcity of employment opportunities, low GDP per capita, and a lack of buying or selling goods.

Latin America is a prime example of what true adoption looks like — with individuals, private businesses, and governments alike becoming more open-minded to crypto and broader Web3 technologies.

In related news, read more on FTX and Visa’s expansion of services into Latin America.

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