As noted in @lemonapp_ar's State of the Crypto Industry 2024 report, Latin America has become a global powerhouse for crypto adoption, with the region seeing a 42% year over year growth in cryptocurrency value received in 2024, reaching over $415 billion and forming 9.1% of global crypto volume. This regional growth is fuelled by local demand for decentralised financial services coupled with innovation that establishes access to blockchain technology. Among the countries leading this charge is Argentina, Brazil, Mexico and Venezuela, each embracing crypto in unique ways to combat the challenges posed by traditional financial systems. In particular, Argentina has emerged as the standout leader in Latin America, achieving a remarkable $91.1 billion in crypto value received in 2024, a 6.7% increase from the previous year. Despite having just a fifth of Brazil’s population, and just over a third of Mexico’s, Argentina has more than doubled its crypto user base, with a surge in demand for both stablecoins and Bitcoin as individuals seek alternative financial solutions amidst economic uncertainty. Bitcoin’s price increase of 122% throughout the year aided in strengthening users’ confidence in it as a digital store of value, whilst stablecoins remained a safe haven against the country’s annual inflation rate of 118%, forming 64% of purchase volumes on Lemon. The growth in Argentina’s crypto market is supported by local players that are making it easier for individuals to engage with digital assets. @belo_app, the third largest exchange in Latin America, now serves over 4 million users, offering access to a variety of crypto services. @buenbit, a major exchange and payment platform operating across the region supports close to a million users and has seen significant growth in the adoption of stablecoin-based financial products. Similarly @littioco, a large Colombian fintech, has grown its user base to over 1 million, providing seamless access to stablecoin yield products. These platforms are vital to driving mainstream adoption, giving millions in Argentina and across the region unprecedented access to USD and EUR accounts and the ability to earn passive savings in stablecoins whilst abstracting away all potential complexity associated with the use blockchain technology. As the demand for secure, stable yield generating solutions continues to grow, OpenTrade is well positioned to cater to this demand with its RWA-backed stablecoin yield infrastructure, gaining significant traction among these exchanges, neobanks, and fintechs in Latin America.
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