According to a recent analysis from blockchain analytics firm Chainalysis, Latin America prefers centralized exchanges (CEXs) over decentralized exchanges (DEXs).
According to a recent analysis from blockchain analytics firm Chainalysis, Latin America prefers centralized exchanges (CEXs) over decentralized exchanges (DEXs) when compared to the rest of the globe. Despite having the world's seventh-largest cryptocurrency industry, the region favors CEXs.
The report, released on October 11, highlights Venezuela's 92.5% preference for CEXs, which it attributes to a "complex humanitarian emergency." DEXs, on the other hand, have only a 5.6% preference throughout the country. Colombia prefers CEXs 74% of the time, while DEXs account for 21.1% of the time. Despite regulatory hurdles, Argentina leads in cryptocurrency transactions with an estimated $85.4 billion over the past year.
The report shows that the Latin American region received over $500 billion worth of cryptocurrency between July 2021 and June 2022. This represents a 40% increase compared to the previous year. Five Latin American countries - Brazil, Argentina, Colombia, Ecuador, and Mexico - are now ranked among the top 30 countries for cryptocurrency adoption worldwide.
The report also found that citizens in the largest Latin American economies like Brazil and Mexico are utilizing cryptocurrencies not just for savings but also for investment purposes.
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