It is an interesting time for cryptocurrencies with new information coming to light. Ask our colleagues at the conference.
We don't know if any of this has hurt trust in the industry and funding for startup.
According to Chainalysis, the adoption ofcryptocurrencies in Latin America is growing at 40%. The region has a 9.1% share of the global value received in 2022.
Latin America is believed to be thirsting forcryptocurrencies. A fund was created earlier this year by former executives of the company. This might be one of the areas that could stay hot during the winter.
That is a good sign as to why we continue to see investment going into Latin America focused startups.
Ping wants to simplify global payments while helping Latin Americans embrace crypto
A digital wallet for Latin America consumers is the latest company to get funding. The $5 million seed round was led by Cadenza and was joined by a group of startup founders.
It is possible to save in digital dollars and send cross-border payments at no cost on the platform. The company said that it protects users from currency devaluations in countries such as Venezuela and Argentina.
According to Esteban Villegas, co-founder and CEO,Zulu is a wallet where each user holds their own keys and personally custodies their assets within a great user experience. To leapfrog Latin America to being one of the most financially democratized regions in the world, there needs to be a simpler way for the individual user to navigate.
The company was started by Villegas, Varela, and Delgado after they met at the university. They wanted to bring web3 services to the people of Latin America who are overlooked by banks.
The company plans to expand into other LatAm countries and the US in the next five years.
Villegas is optimistic that funding will continue to flow into companies that have demonstrated a path to success, despite the challenges in the criptocurrency world.
He said that raising money within the industry will be harder but it will be net positive. Companies with clear use-case and real impact will be moved to the front of the stage.
Ping's $15 million seed round, a fairly large raise in the current VC environment, is one of the reasons why Zulu has taken in funding.
In September, DolarApp announced $5 million in seed funding for its platform, which will allow users to open a bank account and move from pesos to dollars in seconds.
Villegas said that consumers need to be protected from fraud, but that any regulations shouldn't stifle the type of innovation that will eventually level the playing field.
It is necessary in Latin America to remove bad players but it should be flexible enough to allow for new players who are not heavily financed to thrive.
5 investors explain why Latin America is poised to weather the crypto winter
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