From 2020, there is a shift in people’s perception on the usage of cryptocurrencies. It is more and more accepted as an alternative asset class which can help individuals achieve investment objectives and fight against economic instabilities. Companies and people are adopting them, from small e-commerces to big giants including Paypal and Tesla.
Latin America is no exception.
According to a recent survey published by Statista in February 2021*, the adoption rate of cryptocurrencies by Peruvians has reached 16% in 2020. Brazil, Colombia, Argentina, Mexico and Chile all reach a double digits adoption rate, too. In fact, it’s the region that records the most interest after South East Asia. Among the new players on this flourishing digital assets market stands RioDeFi, a FinTech company which aims to bridge traditional finance to decentralised finance. Its mission is to help anyone around the world to access cryptocurrencies and DeFi services from smart phones or computers. Followed by its success in South East Asia, RioDeFi, which takes its prefix from a spanish word ‘’river’’, will expand across Latin America.
A growing demand in LATAM for cryptocurrencies and alternative financial services
Many Latin American countries, such as Argentina and Venezuela, have experienced economic instabilities. For example, Venezuela has the highest inflation rate in the world at 9,986%, followed shortly by Argentina at 42.8%. In those countries where money becomes less valuable every day, the people tend to look for alternatives. For example in Venezuela, many people have started using Dash due to the local currency issues there.
Financial services across the region are expensive and not accessible to everyone. Remittance services, which are used by millions of migrant workers, have demonstrated their limitations with high commission and FX rates.
Therefore demand for cryptocurrencies and alternative payment systems powered by new technology are on the rise in Latin America.
RioDeFi’s call to entering a community centric market
Data and requests have motivated the team behind RioDefi to expand in Latin America. RioDeFi has been contacted for months by its community members asking for the setup of channels with content in Spanish and Portuguese. Besides, Brazil is among the top countries visiting RioDefi’s website on a monthly basis.
This region is also interesting for RioDeFi because people are familiar with crypto and DeFi services. The team thinks that crypto owners should understand the value RioDeFi brings to the space through its ecosystem and community centric philosophy. Every product and service built on RioChain is designed with these factors in mind. This creates an ecosystem where people are empowered to access financial services via their smartphone or computer at a fair price.
RioDeFi’s top products tailored to South America
Three types of products are under active development:
- RioWallet: a crypto wallet for people to buy, sell and swap a selection of crypto-currencies (RFUEL, BTC, ETH, USDT, BNB and OM). The wallet is free, currently available on Desktop here and could soon be launched on iPhones and Android. The team is also integrating innovative solutions, such as an OAuth option to allow people to access their RioWallet using a Gmail, Facebook, or other social media account, making cryptocurrencies easier to access!
- Staking programs: the first program will be available on RioWallet for RFUEL holders from March 2021. Similar to saving accounts, staking programs allow users to generate yields from their crypto with an APR at 50% on RioDeFi (yield is subject to adjustment in future).
- Innovative digital assets investment products: this option is for people who have a little bit of savings and want to diversify their portfolio by accessing real estate digital securities for example from USD100/share.
RioDeFi also hosts a selection of dApps such as Lepricon.io (a predictive gaming dApp), LABS (a real estate investment crowdfunding platform) and MANTRA DAO (a DeFi dApp) that will be accessible to its community soon via RioWallet. By using them, our community could access liquidity pools, rewards and learn more about finance in DeFi in an interactive way.
RioDeFi is convinced that it can impact the way people transfer and save money by bridging traditional finance to decentralised finance via its blockchain and innovative suite of products and services. With this vision, the company hopes to establish itself as a crypto solutions provider to millions of users across Latin America.