Sam Bankman-Fried: Cryptocurrencies Will Thrive in Latin America

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Cryptocurrency exchange FTX plans to expand its business in Central and South America, seeing huge opportunities in the region.

FTX CEO Sam Bankman-FriedBankman-Fried said that the best adoption of cryptocurrencies is currently happening in Latin America, and will only grow in the future. At the same time, digital currencies will be used in various spheres of citizens’ lives. First of all, these are cryptopayments. The Latin American region has a potential of $128 billion, which has not yet been digitized, the businessman notes.

Banman-Fried believes that the new flow of paymentsand remittances could benefit from a proprietary cryptocurrency pegged to the value of local fiat currencies. Attempts to do something similar are already being made by Tether, the issuer of the USDT stablecoin. In May, it launched a new stablecoin, MXNT, pegged to the Mexican peso. It is assumed that it can be moved on the Ethereum, Tron and Polygon blockchains.

FTX is interested in developing business inregion, but does not plan anything concrete yet. According to the CEO, representatives of the crypto exchange have already communicated with potential partners in Latin America:

“I think we will eventually acquire some local company. However, I can’t say anything concrete yet. We have a list of several companies that we are currently considering.”

Earlier, Bloomberg said that FTX plans to buy the South Korean crypto exchange Bithumb, since it allegedly has problems that FTX is trying to solve.