Ricardo Da Ros of Patex highlights the preference for centralised exchanges (CEXs) in Latin America, attributing it to the regional culture's reliance on authority and a widespread trust in established institutions over the autonomous control offered by decentralised exchanges (DEXs).

The lack of familiarity with self-custody wallets and a low level of knowledge on managing crypto assets independently have steered LATAM's crypto users towards CEXs, despite the potential benefits of DEXs in empowering users with full control over their finances.

Da Ros points out the necessity for educational initiatives in reducing the gap in understanding decentralized finance, suggesting that platforms like Patex are poised to guide users towards taking ownership of their crypto assets gradually.

Despite the higher adoption rate of cryptocurrencies in LATAM as an alternative to local financial systems, institutional engagement remains nascent, with existing corporate involvement focused on utilising blockchain for efficient fund transfers rather than investment.