Markets
Top news from Latin America
BeInCrypto, Latam Crypto Roundup comprehensive, features the most important news and trends across Latin America. With journalists in Brazil, Mexico, Argentina and more, we cover the latest updates and information on the region’s crypto scene.
This week’s roundup includes AI initiatives in Argentina, Worldcoin’s expansion in Colombia, new crypto features from Brazil’s largest neobank, and other stories.
Argentinian Javier Milei meets Open AI CEO Sam Altman
President Javier Milei met with OpenAI CEO Sam Altman during his first visit to San Francisco, aiming to position Argentina as an artificial intelligence (AI) hub. The hour-long meeting was seen by its organizers as a crucial opportunity to attract new investment. This event comes amid potential legal restrictions facing technology entrepreneurs in the United States.
On his official X account, President Milei shared a photo with Altman, expressing his enthusiasm for the opportunities offered by a “libertarian” Argentina. Although Altman generally avoids formal contact with other leaders, he made an exception for Milei, attracted by his passionate defense of capitalism and economic freedom.
Milei and his team criticize European regulations that stifle innovation and see Argentina as fertile ground for innovation. technological growth. They believe the country could join the United States, China and Europe as a hub for AI development, thanks to its commitment to economic freedom and minimal regulation.
Learn more: Crypto adoption in Argentina: everything you need to know
Javier Milei and Sam Altman. Source : X/Twitter)
Popular arbitrage platform LATAM has been accused of fraud
Solesbot, an arbitrage platform popular in Venezuela and Colombia, presents itself as an artificial intelligence-based trading robot that operates in cryptocurrency markets. Its proposition is simple: users deposit funds into a linked account and the bot takes care of buying and selling cryptocurrencies on different exchanges, taking advantage of small price differences to generate profits.
However, several members of the crypto community in Latin America have expressed their concerns, calling it “ Ponzi scheme. The pseudonymous developer CryptoSoftDev sharing a detailed discussion thread on his X account (formerly Twitter) detailing the platform’s operations.
First, it revealed that Solesbot operates on B.S.C.. He then pointed out that when a user deposits USDT, it is transferred to one of the five “collector” wallets on BSC. These wallets transfer funds to a “distributor” walletintended to remunerate users requesting withdrawals.
“When examining the ‘COLLECTOR’ wallets in more detail, we noticed some infrequent transactions, but of very high amounts, for example this one, $345 thousand in a single transfer to another wallet 4 days ago. BINGO, we have the ‘DRAINER’ wallet,” highlighted CryptoSoftDev.
CryptoSoftDev noted that funds received by the “drain” wallet are sent to Binance and then returned to Solesbot in the form of Ethereum (ETH), “totaling +$900,000 between them.”
Despite analysts’ warnings, Solesbot continues to attract followers. Many investors say it is possible to earn income through the platform, but red flags remain.
Learn more: 15 Most Common Crypto Scams to Watch Out for
El Salvador attracts mining pool backed by Jack Dorsey
Ocean, a mining pool backed by former Twitter CEO Jack Dorsey, announcement establishing its new headquarters in the capital of El Salvador, focused on the commercial development of decentralized Bitcoin mining. The company will operate as an international Bitcoin mining hub since El Salvadorimplementing a decentralization strategy by installing miners of all sizes to expand its mining reach.
Additionally, Ocean Mining will continue to support Bitcoin education in the country in locations such as El Zonte. A few months ago, Adam Back, CEO of Blockstream, said that El Salvador’s mining infrastructure would make it “an economic powerhouse”, describing Bitcoin as the evolution of “digital gold”.
Bitcoin mining in El Salvador has attracted worldwide attention. Last January, the Bitcoin NGO “My First Bitcoin” received a new grant from Dorsey’s Block. The nonprofit will use the funds to evolve its digital platform and expand its offerings into new languages.
Learn more: Is cryptocurrency mining profitable in 2024?
Worldcoin’s World ID arrives in Colombia
Despite international controversy, World Currency continues its expansion in Latin America by offering World ID verifications in Colombia. This introduction aligns with a growing interest in proof of humanity in the country and across the region.
Currently there are ten sites with orbs, six in Bogota and four in Medellin. However, the project recently declared that “more orbs are coming”, indicating plans to increase the availability of these machines.
Although World ID can address concerns about online authenticity and set a standard for privacy, it still faces significant legal and trust challenges. challenges. The company has faced legal problems in Spain and Portugal, where its operations have been banned, as well as ongoing investigations in Argentina and Chile.
Learn more: How to Buy Worldcoin (WLD) and Everything You Need to Know
Brazilian neobank adds support for BTC, ETH and SOL transfers
The largest neobank in Brazil, Nubanqueintroduced a new feature enabling transactions with Bitcoin, Ethereum and Solana. Although only these three cryptocurrencies are initially supported, more will be added soon.
Nubank reported a 1,500% increase in cryptocurrency trading volume between March 2023 and March 2024. This new feature allows customers to transfer their crypto assets whenever they want.
In a separate development, USDC stable coin Emitter circle announcement the launch of its infrastructure in Brazil, in partnership with Nubank and BTG Pacual. This alliance will provide direct liquidity to retail customers and institutions through the Brazilian banking system, enabling the exchange and redemption of USDC.
Learn more: 7 Best Crypto Credit Cards for 2024
As the Latin American crypto scene continues to grow, these stories highlight the region’s growing influence on the global market. From Argentina’s AI ambitions to the expansion of cryptocurrency services in Brazil, LATAM is positioning itself as a key player in the tech world. Stay tuned for more updates and information in next week’s roundup.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.