LATAM crypto update: Crypto.com’s Visa card, Nubank Brazil launches crypto exchange tool, and Milei’s concerns

In this week’s LATAM crypto update, we saw two key launches: Crypto.com’s new Visa card and Nubank Brazil’s new crypto tool exchange in its App.

Crypto.com’s highly anticipated Visa card aims to meet the increasing demand for practical cryptocurrency usage in the region.

The card allows users to preload funds from both cryptocurrency wallets and fiat currency, making it accessible to a broader audience, from crypto enthusiasts to traditional users.

The card offers a range of rewards, including cashback and exclusive offers, making it an attractive option for consumers.

Meanwhile, Nubank Brazil, one of the largest digital banks in the region, has introduced a new crypto exchange tool within its app, allowing users to swap cryptocurrencies seamlessly.

In the coming weeks, Nubank customers will be able to exchange Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Uniswap (UNI) for USDC, a stablecoin that has become popular for its low volatility.

Many Nubank clients have been seeking ways to integrate cryptocurrencies into their investment strategies, and the new swap feature provides an ideal solution.

Coincaex survey on cryptocurrencies

A recent survey by Coincaex highlights the increasing popularity of cryptocurrencies in Central America, with 80.6% of respondents purchasing crypto primarily as a long-term investment.

The study reveals that 64.5% of users view cryptocurrencies as a store of value, while only 12.9% use them for everyday purchases.

The rise in crypto adoption is driven by high transaction costs and limited access to traditional banking services, making digital assets an attractive alternative.

Despite the growth of cryptocurrencies, traditional banking and cash still dominate the financial landscape in the region, with 77.4% of participants relying on banks and 41.9% using cash for daily transactions.

Javier Milei raises concerns about cryptocurrencies

Argentine President Javier Milei has raised concerns about the growing use of cryptocurrencies, criticizing the increasing involvement of states in the sector.

Speaking at an event in Buenos Aires, Milei argued that cryptocurrencies are empowering technologies that enable individuals to break free from the monopoly of traditional currencies.

His comments highlight a dilemma in the adoption of cryptocurrencies, with some fearing increased control and oversight, particularly as the US anticipates widespread adoption of bitcoin under pro-crypto leadership.