In recent years, Latin America has become a hotspot for cryptocurrency adoption, driven by different economic, social, and technological factors. The region’s unique financial landscape is characterized by a mix of high inflation rates, currency instability, and limited access to traditional banking, which has spurred interest in alternative financial systems. Cryptocurrencies, with their decentralized nature and potential for financial inclusion, have become an attractive option for many in the region.
Countries like Argentina, Venezuela, and Brazil have seen significant growth in cryptocurrency usage. In Argentina, where inflation rates have surged, citizens turn to digital assets like Stablecoins that are pegged to the US Dollar, to help provide a hedge against inflation and currency devaluation. Venezuela’s economic crisis has led to a similar trend, with many using cryptocurrencies to protect their wealth and facilitate international transactions while there are strict capital controls in place. Brazil, the largest economy in the region, has also experienced a boom in cryptocurrency trading. Compared to its neighbors, the country’s relatively stable currency has also influenced the nature of crypto investments.
A study by Chainalysis revealed that Latin America has the seventh-largest crypto economy. The report highlighted the increasing popularity of decentralized finance (DeFi) platforms in the region, with users seeking more control over their financial transactions. As of mid-2023, approximately $545 billion worth of cryptocurrency has been traded in the region over the past year. With people becoming more interested in DeFi, blockchain tech is used for more than just trading cryptocurrencies.
Remittances play a crucial role in the economies of many Latin American countries, and cryptocurrencies are being used as a more efficient and cost-effective method for cross-border transactions. Traditional remittance services often have high fees and long processing times, whereas cryptocurrencies offer a faster and cheaper alternative. This is particularly relevant in countries with large diaspora populations, such as Mexico and El Salvador. El Salvador made headlines in 2021 by becoming the first country in the world to adopt Bitcoin as legal tender, a move aimed at reducing remittance costs and boosting financial inclusion.
Kimberly Rosales is one of the prominent figures in the Latin American cryptocurrency landscape. As the CEO and founder of ChainMyne, a FINTRAC and FINCEN-registered company, she is helping transform the crypto industry. With over a decade of experience in banking, business planning, consulting, branding, and software development, Rosales has made significant progress in making cryptocurrency more accessible and secure. As a Latina momtrepreneur, she combines her extensive background in banking with her passion for digital assets to offer personalized crypto services tailored to the needs of her clients.
Rosales’s journey in the financial industry began when she started working at banks at the age of 19. By age 25, she had advanced to a managerial position, where she gained valuable insights into the banking system. As Rosales learned more about the centralized control and restrictive practices of traditional banks, she became increasingly disappointed, leading her to transition into cryptocurrency.
Rosales founded ChainMyne in 2020 to provide a secure and user-friendly platform for digital asset management, with a strong emphasis on compliance and client protection. Her international ventures span Costa Rica, the Dominican Republic, and across North and South America, establishing her as a key player in the fintech industry.
“We created ChainMyne, and it ended up being a real success,” says Rosales. “It was very much a big learning experience because we realize that there are lots of challenges when it comes to regulations that are constantly changing. Also, the banks are not very crypto-friendly, so you have to go find those niche banks that are open to the crypto industry and make sure they are compliant and under proper regulation for the safety of our client funds.”
ChainMyne launched their mobile App in the spring of this year and offers a variety of services, including the buying and selling of cryptocurrencies like Bitcoin and Ethereum for Zero Commission. Their app is available on both the Apple Store and Google Play. The company prides itself on its flexibility, catering to clients’ varied needs, whether fully immersed in crypto or looking for a balanced approach to digital assets. ChainMyne’s focus on the ‘human’ aspect of their business ensures that clients always have access to personalized support, with a dedicated team ready to assist at any time.
As a woman-owned business in a male-dominated industry, Rosales often faces challenges but continues to defy expectations through her deep knowledge and expertise. Balancing her career with being a mother to seven boys, she exemplifies the role of a momtrepreneur, leading a growing business while nurturing a family. Rosales’s vision for ChainMyne includes expanding its user base across LATAM while continuing to provide top-tier, secure crypto services. As a female tech leader, Rosales’s journey inspires Latina entrepreneurs and women looking to break into traditionally male-heavy industries.
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.