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 said in the report “Report on Fintechs in Latin America” revealed lately by LatAm Intersect PR and Fintech Nexus. Of the 250 professionals interviewed in the realm, 53% imagine that offering monetary providers to the underserved remains to be a thriving space of exercise.
The report additionally brings fascinating information 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 keeping with information from a report revealed by Chainalysis in October. The lately revealed fintech report provides info to this state of affairs, displaying the willingness of these companies to work together with digital belongings.
Roger Darashach, founding associate of Latam Intersect PR, instructed 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 resembling Brazil, Mexico and Colombia.”
Darashach says cryptocurrencies have pressured 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 widespread to Latin American nations, which is one of the principle the reason why traders 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 power of cryptocurrencies, and nobody disputes the constructive influence 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 an increasing number of common
A 3rd (33.3%) of Latin American fintech ecosystem professionals surveyed imagine that Web3 and the metaverse are at present not related to their enterprise. However, one other 33.3% of interviewees shared constructive emotions about each areas.
Web3 was interpreted as “completely elementary” to their enterprise by 11.1% of fintech companies already investing and growing providers 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.