Reportedly, Remittance payments, fiat fears and profit-chasing were the three most significant drivers of crypto adoption in Latin America. As per Chainalysis, the seventh-largest crypto market globally saw the value of cryptocurrencies received by individuals rocket 40% between July 2021 to June 2022, reaching $562 billion. This surge was partly attributed to remittances, with the region’s overall remittance market estimated to surpass $150 billion in 2022.