A new study has found that the cryptoasset ecosystem in Latin America and the Caribbean has shown substantial growth, with the number of firms more than doubling since 2016.
The landmark study by the Inter-American Development Bank and the Cambridge Centre for Alternative Finance, showed that over 170 cryptoasset firms were serving the region in 2022, of which almost 100 were headquartered or incorporated in Latin America and the Caribbean.
The IDB and CCAF surveyed 52 private firms and regulators, and interviewed several crypto players for the report, Cryptoasset Ecosystem in Latin America and the Caribbean.
The study said making cross-border remittances and payments are among the most important uses for cryptoassets in Latin America and the Caribbean today.
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