LATAM crypto update: Coinbase gets Argentina approval, $5M for blockchain

LATAM continues to expand in terms of the cryptocurrency scene.

This week’s highlights included Coinbae’s approval from Argentina’s regulators to expand its services in the country.

Meanwhile, the Core Foundation aims to promote blockchain use in the region by supporting projects in areas such as remittances, finance, and agriculture through a $5 million fund.

Coinbase takes a major step in Argentina

The Comisión Nacional de Valores (CNV) has formally approved Coinbase’s registration as a Virtual Asset Service Provider (VASP), allowing the exchange to use various additional services, including local payment options in Argentine pesos.

On January 28, 2023, an official blog entry was published to announce this development.

Coinbase was founded in Argentina in April 2019 and has operated in a limited capacity, focusing mostly on cryptocurrency conversions and transactions.

However, the recently received regulatory clearance has put the exchange in a position to operate within the legal framework for virtual assets and provide a broader range of services.

Coinbase was unable to provide services to the same extent as it does now due to previous restrictions.

A Coinbase representative said that with this new license, they will be able to expand their products to include sales in Argentine pesos.

The company’s new regulatory achievement is a sign of sector development, as well as a step forward for the entire cryptocurrency business in Argentina, especially after Binance was granted the same VASP certification in October 2022, establishing it as an official cryptocurrency service provider.

Core Foundation launches $5M fund for LATAM blockchain

According to a recent press release, the Core Foundation has announced that it would establish a $5 million fund to assist and develop blockchain technology across Latin America.

This project was termed the Core Latin America Ecosystem Fund, and it was preceded by previous investments in Africa and India, which included the launch of BTCfi with EMV compatibility and the first implementation of non-custodial BTC Staking.

According to Cointelegraph, the fund intends to address regional issues by leveraging blockchain technology to develop transformative solutions.

The fund will primarily invest in remittances, cross-border payments, stablecoins, savings platforms, supply chain logistics, DeFi-backed loans, healthcare, gaming, NFTs, social impact, and agricultural technology.

Enrique Guasp, a Core Foundation contributor, stated to Cointelegraph that each initiative will receive particular support in the form of fitting-out grants, sponsorships, investments, and a comprehensive Web3 builder program.

According to Rich Rines, an initial Core contributor, Latin America is a rapidly increasing market with unique requirements that blockchain technology can meet, despite hurdles such as economic instability and a lack of traditional financial services.

The goal is to highlight resourceful developers and groundbreaking projects in this field, providing them with all of the resources they need to succeed.

El Salvador leads LATAM in Bitcoin ATM usage

Latin America’s Bitcoin ATM ecosystem reveals striking contrasts in cryptocurrency adoption across the region.

El Salvador stands out as the undisputed leader, dominating the landscape with the highest number of Bitcoin ATMs.

According to Coin ATM Radar, El Salvador has 215 Bitcoin ATMs, far surpassing its regional competitors.

This remarkable achievement underscores El Salvador’s pioneering role in incorporating cryptocurrencies into its economy, especially following its landmark decision to adopt Bitcoin as legal tender in 2021.

Trailing behind in second place is Puerto Rico, with 162 Bitcoin ATMs.

However, the gap between the two is significant, reflecting the leader’s aggressive push for cryptocurrency integration.

Mexico ranks third, operating 100 Bitcoin ATMs—less than half the number of the leading country.

Panama ranks fourth with 42 ATMs, while Colombia rounds out the top five with 34.

These figures highlight varying adoption rates of cryptocurrency services within the region.

Globally, the number of operational Bitcoin ATMs peaked at 39,959 on December 1, 2022.

The post LATAM crypto update: Coinbase gets Argentina approval, $5M for blockchain appeared first on Invezz