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Sam Bankman-Fried, CEO of FTX, believes that the future of crypto is bright in Latam. In a recent interview, Bankman-Fried acknowledged the growing use and demand that cryptocurrencies are experiencing in Latam and stated that their use is expected to increase for money transfers and payments in the future.
Latam is one of the areas globally that has become a hotbed for cryptocurrency use due to its particular characteristics and circumstances, and the crypto industry is starting to take 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 it will continue to grow in the future.
In an interview with Bloomberglinea, Bankman-Fried declared that the region will experience an increase in crypto adoption rates for various purposes. Bankman-Fried stated:
I think the volume is going to increase over time and we’re going to see more and more adoption for remittances in Latam and it’s going to start being used for payments as well.
Remittances are a major field for digitization in the region. Mexico, El Salvador and other countries in Latam present a $128 billion remittance market that is still not digitized and therefore believed to provide an opportunity for cryptocurrencies.
FTX’s CEO, who has recently been involved in rescuing some of the crypto companies facing liquidity problems due to the current market downturn, believes that this new payment and remittance stream could benefit from a native cryptocurrency tied to the value of fiat currencies in the region .
There have been attempts to achieve this, with countries such as Mexico already having a token linked to their fiat currency issued by Tether, the stablecoin company.
The company is interested in Latam and has held talks about potential business opportunities in the region. Bankman-Fried stated:
I don’t think it’s anything concrete at the moment, but we’d like to do it and have talked to potential partners in Latin America.
On 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 are considering.
What do you think of Sam Bankman-Fried’s thoughts on crypto in Latam? Tell us in the comments section below.
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