The latest data debrief issued by Kaiko, a provider of digital assets market data, has found that while there is retail movement in Latam regarding crypto assets, most liquidity is directed to “real world” use cases. Among these activities are remittances, stablecoin-based yield generating investment options, and also payments, with Bitso and Mercado Bitcoin being the leaders in volumes traded in the area.
Most of the volumes traded are concentrated in just two exchanges. Mexico-based Bitso, and Brazil-based Mercado Bitcoin. Bitso comes first, processing trading volumes of $20 million to $30 million consistently, and peaking at $60 million in one session in June. On the other hand, Mercado Bitcoin processes fewer crypto trades as the exchange is limited to Brazil, with its platform scoring up to $4 million in trading volume daily in the examined period.
Kaiko determined that different from other regions, Latam presents a set of particularities that focus on the use cases mentioned earlier. Bitso, one of the crypto unicorns in the region, bases its activity on the remittance sector, mostly. This is one of the reasons behind the fact that 60% of the volumes traded in the exchange involve XRP.
Mercado Bitcoin also recently announced intentions of expanding its services to Mexico, to strengthen its offerings in the region.
What do you think about the information presented in Kaiko’s Latam report? Tell us in the comments section below.