October 3, 2018
The blockchain-enabled Latin American remittances market is poised to double to around $8 billion this year as consumers seek cheaper ways to wire money and a string of start-ups such as Ripio, Cuallix and Electroneum rush to court them.
“Our expectation is that the market will double this year,” said Sebastian Serrano, CEO of cryptocurrency payments service Ripio, adding that the space could grow to account for 15% of all remittances by 2021. “The technology is making it much cheaper to send money and we see it growing despite volatility” in the cryptocurrency market.
Money flows to 17 Latin American countries rose 8% to $75 billion in 2017, according to the Inter-American Dialogue. U.S.
Blockchain based providers are entering the remittances market in Latin America.