THIS WEEK’S FUNDING NEWS OVERVIEW
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REPORT
Some Latin Americans are turning to cryptocurrency to access credit as a way to combat the difficulty of borrowing money from traditional banks there.
The problem has become especially apparent with the high-interest rates and inflation in recent months. In 2020, as the pandemic hit, Latin American central banks rose interest rates early — and they raised them further in 2021 and 2022. This caused traditional banks’ lending rates to grow exponentially, a CoinDesk report says.
Brazil has the second-highest interest rate in the world at 13.75%, with Argentina being the first by far, with 75% as of September this year.
👉 Read the full PYMNTS article here.
👀 NEWS HIGHLIGHT
PayRetailers finances 100% of Aspasim's new social project.
PayRetailers joins Aspasim Foundation to support the well-being and social inclusion of people with severe intellectual disabilities. Through this initiative, the Barcelona-headquartered Paytech presents its first Corporate Social Responsibility (CSR) action in Spain.
👉 Read the full post here.
😎 SPONSORED CONTENT
📰 ARTICLE
Top DeFi Investment rounds in LatAm – 2022.
The trend in LatAm is not lost among venture capital firms. Investments in this sector jumped from $68 million in 2020 to $658 million in 2021, according to industry group Lavca.
👉 Read the full Latam list article here.
💬 INTERVIEW
I’d like to share with you my latest Q&A with Guillermo Johanson Bettocchi, Country Manager for Peru for PayRetailers.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️Mastercard, Inswitch team on embedded payments across LatAm. Link here.
⭐️ Binance opens 2 new offices in Brazil as team doubles since March. Link here.
⭐️Nubank logs more than 1.8 million crypto users in Brazil. The digital bank now counts 70 million customers in Latin America. Link here
BRAZIL
Binance opened up two offices in Brazil as the firm looks to tap the country’s emerging crypto market, which reportedly has more than 34.5 million crypto users. Binance has now opened offices in São Paulo and Rio de Janeiro, with more than 150 employees to be spread across the firm’s operations in Brazil. Link here.
Nubank has attracted more than 1.8 million Brazil-based users to its crypto platform since its full rollout at the end of June, highlighting a strong appetite for digital assets among consumers in South America's largest country. The digital bank now counts 70 million customers in Latin America. Link here
COLOMBIA
Volante Technologies announced that ACH Colombia, a financial technology company, has gone live with a new banking portal featuring a superior digital payments experience aligned with the social media and eCommerce platforms customers use in their daily lives. Link here.
MEXICO
Mastercard, Inswitch team on embedded payments across LatAm. Inswitch will start issuing cards as a Mastercard principal member in Mexico. It also has plans to expand to other markets later. Link here.
CHILE
Global66 announced the launch of its new Mastercard prepaid card, which allows international transfers and currency exchange. The partnership aims to facilitate access to a global product that incentivizes financial inclusion for millions of people. Link here.
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