The bear market may have primarily struck the global north. 

According to a joint report published today by the University of Cambridge and the Inter-American Development Bank, the Latin American and Caribbean region—the LAC—saw significant growth from 2020 to 2022. 

Between June and August last year, a combination of 80 private enterprises and public sector institutions were surveyed, spawning the “Cryptoasset Ecosystem in Latin America and the Caribbean” report.

The analysis crunched data from the Cambridge Fintech Ecosystem Atlas, a dynamic visualization of the crypto industry. It tallied 175 companies in the region in 2022, of which 100 were headquartered or incorporated in LAC, altogether showing that the crypto industry has more than doubled since 2016.

While interest in crypto remained strong throughout, the report uncovered that the motivations driving investors have changed over the years. 

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Author: Pedro Solimano

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