LATAM crypto update: Avalanche launches Visa card, Tether moves to El Salvador

LATAM continues to expand in terms of the cryptocurrency scene.

This week’s highlights included the Avalanche Foundation introducing the Avalanche Card, a credit card for users in Latin America and the United States.

The card, which was announced in a statement to Cointelegraph en Español, strives to bring cryptocurrencies into use as a powerful tool for daily transactions.

According to John Wu, president of Ava Labs, the card image offers a credit card-like experience, reflecting the growing popularity of digital assets.

With Avalanche Card, the Avalanche network securely integrates a potential payment method within the Visa network, allowing users to spend their digital assets much more easily without jumping between platforms.

With this initiative, users can use cryptocurrencies like USDC, USDT, Wrapped AVAX (wAVAX), and AVAX to buy goods and services online or at any merchant that accepts Visa.

The card, which is also marketed toward freelancers and the underbanked demographic, focuses on financial inclusivity in Argentina – for instance- where some 30% of adults do not have access to traditional banking services.

The Avalanche Card, backed by the widest acceptance network of Visa, simplifies access to decentralized finance (DeFi) and enables users to hold effectively in self-custody wallet addresses.

Tether’s bets on LATAM by relocating to El Salvador

Tether, the stablecoin giant, has moved its headquarters to El Salvador and plans to acquire big agricultural companies such as Adecoagro.

Unlike other recent Tether news, the top stablecoin issuer is taking steps to ensure its survival in the face of potential existential threats from US institutions.

According to Cointelegraph, Tether aims to create its stablecoin marketplace in a more favourable regulatory environment.

Shopify’s development into fields including energy, AI, and agriculture may be viewed as a successful diversification strategy or a risky pursuit of growth.

According to the report, USDT has the potential to become America’s digital haven as Tether expands throughout the region.

The company’s activities may be influenced by regional economic and geopolitical factors, but its goal is to create a financial system based on blockchain technology for inclusion and development.

Investing in Adecoagro is more than just a financial transaction; it is a commitment to connecting the digital and real economies.

Tether faces regulatory obstacles and competition from new stablecoin entrants such as Circle and Paxos.

Tether’s impact on Latin America’s financial future will demand regulatory certainty, notwithstanding the tough road ahead.

Peru ranks third in LATAM crypto growth

Peru has emerged as a major player in the Latin American bitcoin sector.

According to Lemon’s most recent research, “Estado de la Industria Crypto 2024,” (State of the Crypto Industry 2024) the country ranks seventh in terms of cryptocurrency value received.

The report shows that the country ranks third in annual growth within the area.

This rapid ascension is being driven by developments in legislative frameworks, technical integration, and growing public interest in digital assets such as Bitcoin.

According to Cointelegraph, several factors such as improvements to regulations, the development of technology and an ever-growing population interest in topics digitally owned (Bitcoin being one of them) caused this accelerated rise.

According to the Lemon report, Peru achieved several milestones contributing to the expansion of the crypto landscape during this past year.

The key point came with the implementation of interoperability, enabling local and foreign fintech to interact with Peru’s financial system.

This was an initiative of the Central Reserve Bank of Peru (BCRP) and the Electronic Compensatory Chamber (CCE)

This partnership allowed for seamless user experience through deposits and withdrawals in local currency (the sol) for companies like Lemon.

In addition to interoperability, the research highlights Peru’s fintech boom, with 346 active enterprises by 2023, a 20% increase from the previous year’s 288.

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