In the latest LATAM crypto roundup, several key developments highlight the region’s growing influence in the global cryptocurrency market.
Bancolombia’s Wenia, a subsidiary of the Bancolombia Group, has announced a partnership with Chainlink (CRYPTO:LINK) to enhance the transparency of its newly launched COPW stablecoin.
COPW, pegged 1:1 to the Colombian Peso, will utilise Chainlink’s Proof of Reserve (PoR) technology to provide on-chain data that confirms the stability and backing of the stablecoin.
This move aims to boost consumer confidence and address issues like infinite mint attacks.
The collaboration also includes plans to integrate Chainlink Price Feeds and Cross-Chain Interoperability Protocol (CCIP) to further enhance the functionality and security of COPW.
Brazil’s Central Bank is developing a “super app” that will integrate its central bank digital currency (CBDC), Drex, with artificial intelligence (AI) and the instant payment system, Pix.
This initiative is part of Brazil’s broader commitment to financial innovation and inclusion, with the app expected to streamline various financial services and unify data intelligence.
The rollout of Drex and the “super app” is anticipated by 2025, although regulatory discussions around AI and data privacy are ongoing.
In Paraguay, HIVE Digital Technologies Ltd. plans to construct a 100-megawatt Bitcoin mining center using hydroelectric power.
This facility will enhance HIVE’s global Bitcoin mining capacity to 12.1 Exahash per second (EH/s), reflecting a significant investment in sustainable energy solutions.
Paraguay’s favorable regulatory environment and abundant low-cost hydropower make it an attractive location for such ventures.
Brazil, Chile, and Argentina continue to lead in cryptocurrency trading volume in Latin America, with Brazil at the forefront.
The region is projected to see a substantial increase in global trading volume, with Latin America’s share expected to reach $7.82 trillion in 2024.
Helium Mobile (CRYPTO:MOBILE) is expanding its decentralised wireless network across six Mexican states, including León, Tijuana, Guadalajara, Puebla, Toluca, and Oaxaca.
This expansion aims to enhance connectivity and leverage blockchain technology in telecommunications.
These developments underscore Latin America's rising prominence in the crypto world, showcasing advancements in stablecoin technology, digital currencies, sustainable mining, and decentralised networks.