73% of Fintechs in Latin America Are Cryptocurrency Friendly, Report Reveals

More than half of fintechs recognized monetary inclusion as their greatest space of ​​alternative in Latin America. This data was defined by the report “Report on Fintechs in Latin America”, lately revealed by LatAm Intersect PR and Fintech Nexus. Of the 250 professionals surveyed in the world, 53% imagine that bringing monetary companies to the underserved remains to be an space of ​​nice success.

The report additionally brings consideration to the cryptocurrency market. About 73% of respondents see the crypto market positively, a rise of 3% in comparison with 2021. Also, a 3rd of fintechs in Latin America perceive that the Web3 setting is essential for his or her enterprise.

Fintechs are focusing on the crypto market

Brazil is the nation that leads the introduction of cryptocurrencies in Latin America, in response to information from a report revealed by Chainalysis in October. A current report on fintechs provides extra to this pattern, displaying the willingness of these firms to adapt to the digital economic system.

Roger Darashah, co-founder of Latam Intersect PR, instructed Cointelegraph Brasil that he believes it’s “essential” for fintechs to help crypto property. “Cryptocurrencies are already a method of switch in markets the place conventional banking is just too costly or inaccessible,” says Darashah. “This has been taking place in markets like Brazil, Mexico and Colombia.”

Darashah says cryptocurrencies have pressured banks in Latin America to search for new improvements. This is the case with names resembling Itaú and BTG Pactual, which entered the cryptocurrency market in 2022. They additionally point out the rise in costs, which is discovered in Latin American nations, which is one of the primary explanation why buyers flip to cryptocurrencies. This transfer isn’t unknown to fintechs, they fight Darashah.

“It is unattainable to think about fintech with out the ability of cryptos, and nobody disputes the optimistic outcomes of this. Despite the decline, Bitcoin remains to be probably the most profitable monetary group in the world through the decade 2011-2021, with a return of 230% per yr.

Web3 and the metaverse are rising in recognition

A 3rd (33.3%) of specialists surveyed from the fintech ecosystem in Latin America imagine that Web3 and the metaverse are presently not related to their enterprise. Another 33.3% of respondents, nonetheless, share optimistic views on either side.

Web3 is outlined as “essential” for his or her enterprise by 11.1% of fintechs, that are already investing and creating jobs in this space. Another 22.2% see Web3 and the metaverse as “an incredible alternative for the longer term”. This signifies that, regardless of investing in each sectors, fintechs in the sector are usually not but growing options for the ecosystem.

The remaining third of respondents, to some extent, additionally see Web3 and the metaverse positively. The fintechs in the group say that there are various expectations about these new applied sciences however, for now, they like to attend for these sectors to mature.

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