In light of El Salvador’s landmark adoption of Bitcoin as legal tender, many countries in Latin America are showing an interest in cryptocurrencies. Now one fintech company has designed a solution that may cater to all 26 countries in the region with a focus on struggling economies. Latam coin, a cryptocurrency bearing the name of its founding organization, is touted as an innovative solution built to deal with financial crises and promote economic growth.
Latam’s website details that its technology will accelerate cross-border asset transfers, ensure transparent and secure transactions, and combat issues arising from deflation while providing ease of use to individuals and businesses.
Latam Coin Is Geared Towards 600 Million Residents of Latin America
Unlike other tokens, Latams are specifically designed for the 600 million people working and living in Latin American countries. According to Latam’s founder Kiarita, the proposed asset will be a common currency for all the countries in the region. She noted, “The Latam will be the common cryptocurrency for Latin America and all participating countries will enjoy its benefits.” Furthermore, she emphasized that the region carries unique growth potential” and the Latam Coin Protocol intends to provide the “opportunity for countries facing financial crises to have an alternative to their local currencies.”
Latam is built on the Binance Smart Chain(BSC) and will feature interoperability between different chains as well as speedy access to a service that converts $Latam to the local currency.
To purchase Latam, users have to create a virtual wallet with Binance and Metamask, and then buy BNB coins. Following this, they can visit PancakeSwap, a decentralized exchange(DEX), and connect their wallets to exchange their BNB for Latam coins.
Latam Coin Protocol Announces Foundation for Social development
Apart from offering services to digitize economies in Latin America, the Latam Coin Protocol will also oversee a foundation that would work for social development in the region. The charitable organization has outlined education, health and welfare, family security, and animal protection as its core interests.
The Latam Coin Foundation is currently inviting volunteers for its various programs. It is hoping to use its network to connect people from different countries in the region with opportunities to partner with each other.