Cryptocurrencies are on the march in Mexico, with the country now
seemingly leading the way for Latin America’s fledgling fintech
sector.
There are now 27 Latin American cryptocurrencies – with more in
Mexico than in any other country in the region.
The area has long been considered a fintech backwater, but all that
appears to be changing. Per new research from Endeavor , a total of
27 initial coin offerings (ICOs) have been carried out in Latin
America to date. Of this number, Mexico leads with seven, while
five ICOs each have been conducted in Argentina and Brazil. The
other countries where ICOs have been conducted are: Chile (4),
Colombia (3), Peru (2) and Ecuador (1).
The number is still relatively small, but, per reports, the first
ICOs in the region only began appearing as recently as late last
year and in the first few months of 2018.
According to media outlet Expansion, the head of Mexican crypto-
startup Woonkly says that he hopes the company’s advertisement
platform – whereby companies pay users in Wookly’s own
cryptocurrency for watching their videos – will launch in the first
quarter of 2019. The announcement comes after the company
received a USD 3 million investment from a UAE-based venture
capital group, in addition to an unspecified investment from an
India-based group.
Another media outlet, El Criptografo, states there were only 50 or
so registered fintech companies in Mexico in 2015, a number that
grew to 2,400 last year. The country is also home to the largest
crypto exchange in Latin America, Bitso .
Mexico’s government recently introduced its much-heralded
fintech laws, which allow the government to regulate exchanges –
and has won high-level international acclaim from the likes of the
G24 .
Per El Siglo, the country’s police have also welcomed the new
legislation, with the chief commissioner and coordinator of the
Electronic Crimes Prevention Unit stating, “It is a good law
because it requires the registration and control of cryptocurrency
issuers.”
_____
Weekly LocalBitcoins, a peer-to-peer bitcoin marketplace, volume
(in bitcoin) in Mexico:
seemingly leading the way for Latin America’s fledgling fintech
sector.
There are now 27 Latin American cryptocurrencies – with more in
Mexico than in any other country in the region.
The area has long been considered a fintech backwater, but all that
appears to be changing. Per new research from Endeavor , a total of
27 initial coin offerings (ICOs) have been carried out in Latin
America to date. Of this number, Mexico leads with seven, while
five ICOs each have been conducted in Argentina and Brazil. The
other countries where ICOs have been conducted are: Chile (4),
Colombia (3), Peru (2) and Ecuador (1).
The number is still relatively small, but, per reports, the first
ICOs in the region only began appearing as recently as late last
year and in the first few months of 2018.
According to media outlet Expansion, the head of Mexican crypto-
startup Woonkly says that he hopes the company’s advertisement
platform – whereby companies pay users in Wookly’s own
cryptocurrency for watching their videos – will launch in the first
quarter of 2019. The announcement comes after the company
received a USD 3 million investment from a UAE-based venture
capital group, in addition to an unspecified investment from an
India-based group.
Another media outlet, El Criptografo, states there were only 50 or
so registered fintech companies in Mexico in 2015, a number that
grew to 2,400 last year. The country is also home to the largest
crypto exchange in Latin America, Bitso .
Mexico’s government recently introduced its much-heralded
fintech laws, which allow the government to regulate exchanges –
and has won high-level international acclaim from the likes of the
G24 .
Per El Siglo, the country’s police have also welcomed the new
legislation, with the chief commissioner and coordinator of the
Electronic Crimes Prevention Unit stating, “It is a good law
because it requires the registration and control of cryptocurrency
issuers.”
_____
Weekly LocalBitcoins, a peer-to-peer bitcoin marketplace, volume
(in bitcoin) in Mexico:
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