According to Chainalysis, Latin American crypto users significantly prefer centralized exchanges, in contrast to the rest of the world.

According to a recent report from blockchain analytics firm Chainalysis, Latin America has an inclination toward centralized exchanges (CEXs) over decentralized exchanges (DEXs) compared with the rest of the world.

Published on Oct. 11, the report stated that Latin America has the seventh-largest crypto economy in the world, trailing the Middle East and North America (MENA), Eastern Asia and Eastern Europe.

However, it notes that crypto users in Latin America strongly favor using CEXs:

“Latin America shows the highest preference for centralized exchanges of any region we study, and tilts slightly away from institutional activity compared to other regions.“

Furthermore, in certain countries within the region, the distribution of crypto activity by platform type is significantly skewed toward CEXs vs. the global average.

The worldwide average for preferences regarding crypto platforms stands at 48.1% for CEXs, 44% for DEXs and 5.9% for other decentralized finance (DeFi) activities.

However, in Venezuela, the preference for CEXs is significantly higher at 92.5%, while DEXs have a much lower 5.6% preference.

Chainalysis highlighted that Venezuela has a unique reason for its surging adoption, primarily attributed to a “complex humanitarian emergency.“

The report explains that amid the COVID-19 pandemic in 2020, crypto played a pivotal role in directly assisting healthcare professionals in the country. 

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Author: Ciaran Lyons

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