Sam Bankman-Fried, CEO of FTX, believes the future of crypto is bright in Latam. In a recent interview, Bankman-Fried acknowledged the growing adoption and demand for cryptocurrencies in Latam, saying usage is expected to increase for remittances and payments in the future.
Sam Bankman-Fried Talks Crypto in Latam
Latam is one of the regions in the world that has become a hotbed of cryptocurrency adoption due to its unique 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, acknowledged the influence of crypto in the region, and he believes it will continue to grow in the future.
In an interview with Bloomberglinea, Bankman-Fried said the region will see an increase in crypto adoption rates for different purposes. Bankman Fried declared:
I think the volume will increase over time and we will see more and more adoption for remittances in Latam and it will start being used for payments as well.
Remittances are a vast field of digitization in the region. Mexico, El Salvador and other Latin American countries present a $128 billion remittance market that is still not digitized and is therefore thought to present an opportunity for cryptocurrencies.
An indigenous currency and business in the region
CEO of FTX, who was recently involved in rescuing some of the crypto companies facing liquidity issues 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 currencies trustees in the region.
There have been attempts to achieve this, with countries like Mexico already having a token pegged to their fiat currency Posted by Tether, the stablecoin company.
The company is interested in Latam and has had conversations about potential business opportunities in the region. Bankman-Fried said:
I don’t think there is anything concrete at the moment, but we would like to do it and have discussed with potential partners in Latin America.
On possible planned mergers or acquisitions in the region, Fried noted:
I wouldn’t be surprised if we end up doing one, though again, I don’t think there’s one in particular that I know of that we’re 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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