FTX’s CEO Sam Bankman Fried believes crypto has a bright future in Latam. Bankman Fried, CEO of the FTX, recognized that cryptocurrency is gaining popularity in Latam. He stated that future use for payment and remittances will increase.
Sam Bankman-Fried Talks Crypto in Latam
Latam has been a hotbed for cryptocurrency adoption due to its unique characteristics and circumstances. The crypto industry is beginning to take note. Sam Bankman Fried, the CEO of FTX, is one of the most prominent crypto entrepreneurs in the world. He believes that crypto will continue to grow in this region.
Bankman-Fried stated in an interview that the region would see a significant increase in cryptocurrency adoption for various purposes. Bankman-Fried stated:
It is likely that this volume will rise over time. We are going to see more Latam residents adopting remittances, and it will also be used to pay.
The region’s largest area for digitization is remittances. Mexico, El Salvador and other Latam countries have a $128 Billion remittances industry that has not been digitized. This market is believed to be ripe for cryptocurrency.
Local Currency and Business
FTX’s CEO, who has recently been involved in rescuing some of the crypto companies facing liquidity issues due to the current market downturn, believes that this new payment and remittances flow might benefit from a native cryptocurrency linked to the value of fiat currencies in the region.
This has been attempted in the past, and countries such as Mexico have a token that is pegged to their fiat currency. The token was issued by Tether (the stablecoin company).
Latam is a potential market for the company and they have been in contact with Latam about possible business opportunities. Bankman-Fried stated:
I don’t think there is anything concrete at the moment, but we would love to do it and have been talking to potential partners in Latin America.
Fried made the following observations about possible mergers or acquisitions in the area:
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’re considering.
What do you think of Sam Bankman-Fried’s thoughts about crypto in Latam? Leave a comment below.
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