73% of fintech companies in Latin America are cryptocurrency pleasant, a report reveals
More than half of fintech companies establish monetary inclusion as a key space of alternative in Latin America. The info was acknowledged in the report “Report on Fintechs in Latin America” revealed not too long ago by LatAm Intersect PR and Fintech Nexus. Of the 250 professionals interviewed in the world, 53% imagine that offering monetary companies to the underserved remains to be a thriving space of exercise.
The report additionally brings fascinating knowledge concerning the cryptocurrency market. Almost 73% of respondents see the crypto market positively, a rise of 3% in comparison with 2021. In addition, a third of fintech companies in Latin America perceive that the Web3 ecosystem is vital to their enterprise.
Fintech companies trying on the crypto market
Brazil is the nation main cryptocurrency adoption in Latin America, in accordance with knowledge from a report revealed by Chainalysis in October. The not too long ago revealed fintech report provides info to this situation, displaying the willingness of these companies to work together with digital belongings.
Roger Darashach, founding companion of Latam Intersect PR, informed Cointelegraph Brasil that he thinks it’s “completely vital” for fintech to incorporate assist for crypto belongings. “Cryptocurrencies are already a means of switch in markets the place conventional banks are prohibitively costly or unavailable,” Darashach believes. “This has historically been the case in markets corresponding to Brazil, Mexico and Colombia.”
Darashach says cryptocurrencies have compelled banks in Latin America to search for innovation. This is the case with names like Itaú and BTG Pactual, which made inroads into the cryptocurrency market in 2022. He additionally mentions the inflation frequent to Latin American nations, which is one of the primary the explanation why buyers are turning to cryptocurrencies. These actions don’t go unnoticed by fintech companies, estimates Darashach.
“It is unimaginable to think about fintech innovation with out the driving drive of cryptocurrencies, and nobody disputes the optimistic impression of this. Despite the extremely publicized declines, Bitcoin remains to be the world’s best-performing asset class over the last decade 2011-2021, delivering an annualized return of 230%.”
Web3 and metaverse are changing into increasingly fashionable
A 3rd (33.3%) of Latin American fintech ecosystem professionals surveyed imagine that Web3 and the metaverse are at the moment not related to their enterprise. However, one other 33.3% of interviewees shared optimistic emotions about each areas.
Web3 was interpreted as “completely basic” to their enterprise by 11.1% of fintech companies already investing and growing companies in the sphere. The remaining 22.2% see Web3 and the metaverse as a “nice future alternative.” This signifies that regardless of investing in each sectors, fintech companies in this group are not but growing options in these ecosystems.
The remaining third of respondents additionally considered Web3 and the metaverse positively to some extent. Fintechs in this group say there’s a lot of anticipation for these new applied sciences, however for now they like to attend for these sectors to mature.