The chief executive of FTX, Sam Bankman-Fried believes that the crypto market has a very bright future in Latin America.
He recently talked in an interview about the increasing demand and adoption of digital countries in the Latam region and said that their use is expected to expand to payments and remittances in the future.
Crypto in Latam
One of the global regions where crypto popularity has surged massively and they have seen a lot of growth is Latam.
There are different Latin American countries that are taking an interest in this market and the crypto industry is taking notice of it.
One of the richest men in the crypto space and founder and CEO of one of the most prominent crypto exchanges, FTX, Sam Bankman-Fried also talked about the influence of crypto in this region and said that it was likely to continue growing.
Bankman-Fried said in an interview that he expected the popularity and use of crypto to grow in Latam for a variety of purposes. He said that there would be an increase in value with time and crypto would be adopted for the purposes of payments, as well as remittances.
The remittances market is huge in the Latin American region and there is a lot of opportunity for digitization.
The market is valued at almost $128 billion in countries like El Salvador, Mexico and more and since it has not been digitized as yet, it means that it is an excellent opportunity for cryptocurrencies to prove themselves.
The FTX CEO stated that a native currency that is linked to the fiat currencies that are used in the region could benefit the flow of payments and remittances.
A number of attempts have already been made to achieve this goal. For instance, renowned stablecoin company Tether has issued a token that is pegged to the fiat currency in Mexico.
Bankman-Fried said that his company was also interested in the Latam region and has had some discussions about exploring the potential business opportunities that exist.
He asserted that even though there was nothing discrete for now, he was interested and had had conversations with potential partners as well.
Mergers and acquisitions
His company has been on a spree of mergers and acquisitions of late, given the downturn in the crypto market, as a number of companies have gotten in trouble.
As far as mergers and acquisitions in the Latin American region are concerned, the FTX boss said that he would not be surprised if they decide to go ahead with it.
However, he added that there was not a particular company that they were considering at that point. Currently, Bankman-Fried is facing backlash from Voyager Digital for the rescue offer they made to the company.
Voyager has filed for bankruptcy and Bankman-Fried’s FTX and Alameda Research offered their assistance, but the company says that it is just a publicity stunt.
The FTX head has also made a deal with struggling crypto lender BlockFi, which involves offering it a credit facility and eventually acquiring it if things don’t work out.