Latin Americans are Relying More on Crypto for Remittances

Blockchain technology and cryptocurrencies are on the rise in the continent. Latin Americans sent up to three times as much money to their family and friends back home using cryptocurrency in 2021 compared to the previous year, according to estimations by Chainalysis.

As much of Latin America has struggled with financial chaos, this does not surprise. Amid high unemployment and plummeting reserves, inflation throughout the region has increased significantly. Crypto has become a viable alternative to unstable national currencies despite the risk of cryptocurrency and volatility of digital assets. Its promise of independence, ease of transfer, and digital convenience has appealed a region heavily dependent on remittances.

Still, the path has not been smooth for everyone on the startup ecosystem trying to capture this emerging market. While Mexican Bitso raised $250M in their Series C last year, Venezuelan startup Valiu announced its closure after “great challenges and risks, which became very difficult to overcome,” according to its founder Simón Chamorro.

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