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10% of fintech companies in Argentina belong to the cryptocurrency sector

Important facts:
  • Out of 330 fintech companies in Argentina, 240 are part of the Fintech Chamber.

  • The fintech industry in Argentina employs around 30,000 people.

Bitcoin and cryptocurrency acceptance has steadily increased in Argentina in recent years. This is confirmed by the number of companies in this sector that operate in the South American country and have registered with the Argentine FinTech Chamber.

so that it Points The agency recently published a post on Twitter presenting an infographic with updated data on the state of the financial technology sector in that country.

According to the FinTech Chamber, there are at least 330 companies related to financial technologies in Argentina. 240 of them belong to the Fintech Chamberwhich demonstrates the cohesion in this industry.

Of these affiliates, 10% are fully dedicated to the bitcoin and cryptocurrency ecosystem on Argentinian soil. In other words: almost thirty companies is dedicated to the ecosystem of crypto assets in the land of tango. A slight increase considering that percentage was 9% in 2021.

While the number of cryptocurrency companies registered with the Chamber may seem small, it represents a “major step forward” in the launch and development of services for the sector. compared to previous years, according to the organization. Especially considering that this was the case in January joined the organization Binance cryptocurrency exchange, the world’s largest by trading volume.

It must be remembered that while there are several companies dedicated to the cryptocurrency sector in Argentina, this ecosystem is currently under the close scrutiny of regulators. Currently the state Senate debated the regulation of the sector by the Anti-Money Laundering Prevention and Control Act

Likewise, as reported by CriptoNoticias, last May the Central Bank of the Argentine Republic (BCRA) ordered the restriction of bitcoin and cryptocurrency trading on platforms operating in the country.

Argentina’s Fintech Chamber has released updated data on the financial technology sector in that country. Source: Fintech Chamber of Argentina.

Digital payments are on the rise in Argentina

The organization also announced that Argentine companies are turning to digital payments are the most representative within the Fintech Chamber of Argentina.

Overall, 42% of the companies affiliated to the chamber (more than 100) are companies offering digital payment services. Including software for points of sale or transfers between digital wallets.

And it is that according to the Argentine Chamber of Fintechs, 60% of the financial transactions carried out in this country Go to or from a fintech wallet.

Argentina’s Fintech Chamber pointed out in its infographic that the fintech sector in this country is on average around 30,000 direct jobs. And all this despite the local and international economic crisis.

For the organization’s president, Ignacio Plaza, the latter shows that the fintech sector it has “capacity for evolution and powerful consolidation”.

“We are confident that we can continue to shape the present and the future with a regulatory framework that encourages and encourages tools for financial inclusion and economic development,” said the director of the Fintech Chamber of Argentina.

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