Sam Bankman-Fried, CEO of FTX, thinks crypto will prosper in Latam. In a recent interview, Bankman-Fried acknowledged the increasing adoption and demand that digital assets are experiencing in Latam, stating that the use of remittances and these type of payments would increase in the future.
Latam is one of the regions in the world that has become a digital asset adoption spot due to its particular traits and situations, so the crypto space is starting to notice this particularity.
Sam Bankman-Fried, CEO of FTX and one of the wealthiest personalities in the crypto world, has recognized the influence of crypto in the area, so he believes this influence will keep expanding its tentacles in the future.
Bankman-Fried highlighted that the region would experience a rise in adoption rates for different purposes. Bankman-Fried declared that the volume would reach a good position over time, and more and more adoption is coming for remittances in Latam. Bitcoin will end up serving as a payment method in the entire region.
Remittances have vast digitization in the region. Mexico, El Salvador, and other areas in Latam show a $128 billion remittances market that is still not digitized and possibly presents an opportunity for digital assets.
A Native Asset in the Region
FTX’s CEO recently got involved in helping some of the entities dealing with liquidity issues. He believes this new payment and remittances flow might bring many advantages because it would happen through a native digital asset connected to the value of fiat currencies in the area.
There have been various attempts at achieving this goal, with nations like Mexico already having a coin attached to its fiat asset issued by Tether, the stablecoin entity.
The entity got interested in Latam and is negotiating a possible business opportunity in the region. Bankman-Fried explained that he does not think there is anything solid at the moment, but he would love to do it and has been talking to possible partners in Latin America to carry out the project.
FTX intends to Provide Early Liquidity to Customers of Voyager
On June 28, Sam Bankman-Fried told Forbes author Steven Ehrlich that various crypto entities were secretly insolvent and warned more insolvencies were on their way.
The FTX CEO’s words turned out to be a reality, as several entities with financial issues followed the struggles with Celsius and its obstruction of withdrawals. Celsius eventually opted for bankruptcy protection alongside Three Arrows Capital and Voyager Digital.
On July 22, Bankman-Fried went to Twitter and out a statement explaining how FTX is willing to assist Voyager’s users. He said he is happy to do what he can to get liquidity to Voyager’s customers.
On the other hand, a press release revealed by Bankman-Fried notes that FTX launched a joint offer with West Realm Shires Inc., the owner, and operator of FTX US, and Alameda Ventures. The entity intends to bring early liquidity to customers of Voyager. Bankman-Fried explained that he desired to offer a better method to assist customers in their quest to get their liquidity.
By: Jenson Nuñez
