Sam Bankman-Fried, CEO of FTX, believes the future of crypto in Latam is bright. In a recent interview, Bankman-Fried recognized that cryptocurrencies are being adopted and in demand in Latam, and he expects their use to expand to remittances and payments in the future.
Sam Bankman-Fried talks crypto at Latam.
Latam is one of the hotbeds of cryptocurrency adoption worldwide due to its special characteristics and circumstances, and the crypto industry is beginning to realize this, said Sam Bankman-Fried, CEO of FTX and one of the richest men in crypto, recognizing the influence that crypto has in the region and I am confident that this will continue to grow in the future.
In an interview with Bloomberglinea, Bankman-Fried declared that the region will experience an increase in the adoption of crypto for different purposes.Bankman-Fried said that:
I think that as time goes on, the volume will increase and latam will start to see increased adoption for remittances and also for payments.
Remittances are a big area of digitization in the region. LATAM countries such as Mexico and El Salvador present a $128 billion remittance market that is not yetdigitizedand is seen as an opportunity for cryptocurrencies.
native currencies and local businesses
The CEO of FTX, who has recently been involved in rescuing crypto companies facing liquidity issues due to the current market downturn, believes that this new payment and remittance stream may benefit from native cryptocurrencies linked to the value of local fiat currencies.
There have been attempts to accomplish this, and countries like Mexico already have tokens pegged to fiat currency issued by Tether, a stablecoin company.
The company is interested in Latam and is in conversation about potential business opportunities in the region. Bankman-Fried stated.
I don’t think we have anything concrete at the moment, but we would love to do it and we are talking to potential partners in Latin America.
Regarding possible mergers and acquisitions planned in the region, Fried noted.
And as far as I know, I don’t think there is one in particular that we are considering, but I wouldn’t be surprised if we end up doing one.
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