Cryptocurrency trading in Latin America grew 40% between July 2021 and June 2022, according to the ‘2022 Global Crypto Adoption Index’ published by blockchain analytics firm Chainalysis.
The 2022 ‘Geography of Cryptocurrency‘ report highlights that the region is the seventh-largest cryptocurrency market in the world. During the study period, residents traded a total of $562 billion worth of cryptocurrency.
Five Latin American countries specifically featured in the top 30 of the ‘Global Crypto Adoption Index‘, with Brazil leading the way in 7th place, followed by Argentina in 13th, Colombia in 15th, Ecuador in 18th, and Mexico in 28th.
According to the Chainalysis study, crypto trading in Latin America has largely been driven by three factors: its use as a store of value; its role in more easily sending remittances; and the search for better returns through portfolio diversification.
Through stablecoins and Bitcoin,…
