by Michael Wurzinger – Co-Founder of La Conexion.
When you think about interesting markets for your Crypto startup, the default answer might be Asia or the United States. However, when you take a look at some statistics, you will notice that the percentage of Crypto usability and Blockchain application is way above average in a complete different area: Latin America. Why is that? Many nations’ currencies have struggled over the past years – especially Venezuela suffers extreme inflation which makes the Bolivar basically worthless. But also large economies like Argentina, Brazil or Colombia face similar challenges.
High Demand for Crypto Usability
A major difference between Latin America and the rest of the world is that the demand to use cryptocurrencies in order to send funds efficiently and in a reliable manner is very high.
This phenomen is not a recent one: This analysis evaluates the economical situation and gives an outlook to the positive growth for the 600 Million economy Latin America. These numbers further improve as the overall infrastructure, such as Internet Accessibility and Smartphone Penetration, grows exponentially. We therefore focus on this vibrant area as the Top emerging economy worldwide to be the next big market for Crypto mass adoption. A recent report Statista further validates this trend by illustrating the general knowledge of the average citizens in Latin America. Brazil and Colombia both rank among the TOP 5 Markets.
Latin America vs. South East Asia vs. Africa
Another interesting aspect that many times is not being considered is the connectivity among nations. The Latin culture is very open-inded compared to a rather conservative and sceptic approach towards innovative technologies in Europe, for instance.
The overall economy is growing rapidly and with a population of more than 600 Million, Latin America is a bigger market than Europe or the United States. In addition, low competition opens great possibilities compared to saturated markets such as China. The final push for Latin America to gain global attractiveness comes with connectivity of all Blockchain communities. Government backed Innovation Centers like Ruta N in Colombia or Startup Chile aggressively open Latin America up to the World by attracting foreign Investments and Startups to get established in the region. The strong support by local authorities further strengthens the infrastructure and enables better accessibility to capital and ressources.
Where do I get started and what is important to know?
Entering a new market requires a clear and thoughtful strategy. With our Experience and Network in the blockchain space, we are more than happy to help you gain traction and find exactly what you need to bring your project to the next level.
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