• Latin American markets have embraced blockchain technology and cryptocurrencies, with 33 million people investing directly in the crypto market.
• The Polygon (MATIC) network is a leading Ethereum-based layer two scaling solution that has played an important role in digitizing Latin American nations to combat hyperinflation.
• Several DeFi projects like Ripio and Lemon Cash have joined the Polygon ecosystem to build a scalable B2B blockchain ecosystem.
Latin America Embraces Crypto
The Latin American market has been highly receptive to the crypto market, resulting in more than 33 million people investing directly in the digital asset space. This mainstream adoption of blockchain technology and cryptocurrencies has helped distribute wealth globally, particularly to those who were previously marginalized.
Polygon at the Helm of Financial Transformation
The Polygon (MATIC) network is one of the leading Ethereum-based layer two scaling solutions with a total value locked (TVL) of around $893 million and stablecoins market cap of $1.25 billion. It is home to several DeFi projects originally founded in Latin American markets, such as Ripio’s LaChain – a Layer 1 built using the Polygon Supernets. Additionally, Ripio recently launched UXD – a dollar-pegged stablecoin available for users in Argentina and Brazil. It is even being used by Buenos Aires‘ local government for tax returns! To ensure future growth prospects, Ripio Portal, Wallet and Trade have all joined the Polygon ecosystem to use its protocols for building a scalable B2B blockchain system.
Lemon Cash Joins In
Another Web3 protocol joining forces with Polygon is Lemon Cash – a crypto wallet platform that will leverage Polygon’s network for scalability purposes. By joining Polygon’s L2 scaling solution, Lemon Cash aims to create an innovative approach to financial services by offering loans secured by cryptocurrencies without any middleman or guarantor needed. This will help reduce costs associated with traditional banking systems while providing better access to loan services with low interest rates for users across Latin America who would otherwise not qualify for bank loans due to lack of credit history or other factors preventing them from accessing standard banking services.
Paving Way For Greater Mass Adoption
By joining forces with Polygon Network, both Ripio and Lemon Cash are helping pave way for mass adoption of cryptocurrency on a global scale – especially within Latin America which still remains largely unbanked despite having some of world’s most tech-savvy populations since majority don’t have access or can’t afford traditional banking fees associated with obtaining loans or making payments online safely & securely via bank transfer/wire transfer etc.. Through their collaboration with Polygon Network, these projects are aiming to bridge this gap by providing users with easy & secure access to financial services through their decentralized platforms where they could easily borrow money against their cryptocurrency assets without having worry about any third party intermediary involved & thus eliminating all need costly transaction processes & paperwork required when dealing direct banks/other financial institutions etc..
The partnership between Ripio & Lemon Cash along with several other emerging web3 protocols such as MakerDAO/Compound Finance leveraging polygon’s L2 scaling solutions are sure signs that latin american economies are well on their way towards achieving greater financial inclusion thanks largely due advances enabled through decentralised finance (DeFi). With more projects joining hands together on polyon network there’s no doubt that we’ll soon be seeing greater mainstream adoption of cryptocurrencies within latin america regions which could potentially lead entire region towards becoming one largest digital asset hubs globally!