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"Coinbase Expands in Argentina as Core Foundation Launches $5M Blockchain Fund"

AInvestSaturday, Feb 1, 2025 5:22 am ET
1min read

Argentina, a key player in the Latin American cryptocurrency scene, has witnessed significant developments this week. Coinbase, a prominent cryptocurrency exchange, received approval from Argentina's regulators to expand its services in the country. This approval comes as the Core Foundation, a non-profit organization, announced a $5 million fund to support blockchain projects in the region, focusing on areas such as remittances, finance, and agriculture.

Coinbase's expansion in Argentina is a major step for the cryptocurrency industry in the country. The Comisión Nacional de Valores (CNV) granted the exchange registration as a Virtual Asset Service Provider (VASP), allowing it to offer additional services, including local payment options in Argentine pesos. This regulatory clearance enables Coinbase to operate within the legal framework for virtual assets and provide a broader range of services to its users. Coinbase representatives have stated that they will now be able to expand their products to include sales in Argentine pesos, further integrating the exchange into the local market.

The Core Foundation's $5 million fund, the Core Latin America Ecosystem Fund, aims to support and develop blockchain technology across Latin America. The fund will focus on addressing regional issues by leveraging blockchain technology to create transformative solutions. The fund's primary areas of interest include remittances, cross-border payments, stablecoins, savings platforms, supply chain logistics, DeFi-backed loans, healthcare, gaming, NFTs, social impact, and agricultural technology. Each initiative will receive tailored support in the form of grants, sponsorships, investments, and a comprehensive Web3 builder program.

El Salvador continues to lead the Latin American region in Bitcoin ATM usage, with 215 Bitcoin ATMs operating in the country. This remarkable achievement underscores El Salvador's pioneering role in incorporating cryptocurrencies into its economy, following its decision to adopt Bitcoin as legal tender in 2021. Puerto Rico ranks second with 162 Bitcoin ATMs, while Mexico ranks third with 100 ATMs. Panama and Colombia round out the top five with 42 and 34 ATMs, respectively. These figures highlight the varying adoption rates of cryptocurrency services within the region, with El Salvador leading the way in Bitcoin ATM usage.

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