Strategic move comes in response to the proliferating LATAM demand for cryptocurrency solutions and is pitched as a pivotal step to acknowledging the vast business potential in these markets.
BIGG Digital Assets, a leading innovator in the digital assets space and owner of Blockchain Intelligence Group (BIG), Netcoins and TerraZero has added the Spanish language to its offerings of cryptocurrency investigations and compliance services.
This strategic move is a response to the proliferating demand for cryptocurrency solutions in Spanish-speaking countries – and pitched as a pivotal step to acknowledging the vast business potential in these markets.
Crypto Adoption in Spanish-Speaking Countries
Spanish-speaking countries have witnessed a remarkable surge in cryptocurrency adoption in recent years.
In El Salvador, Bitcoin became a legal tender in 2021, and the government introduced the Bitcoin wallet Chivo, which has been downloaded by millions of users.
Argentina has seen over eight million users on the cryptocurrency exchange Ripio, which also offers a debit card for spending cryptocurrency globally.
In Mexico, Bitso, another cryptocurrency exchange, boasts more than six million users and provides a remittance service for sending money to Mexico from other countries using cryptocurrency.
This trend is also reflected in the rest of the Spanish-speaking regions embracing cryptocurrencies and recognizing their potential to revolutionize financial systems and increase financial inclusion.
This trend has created a growing demand for localized Blockchain analytics tools to combat financial crime and thwart money laundering and terrorist financing activities.
BIG’s investigations and compliance suite aims at securing the financial system and safeguarding consumers from potential scams and fraud.
In addition, this ecosystem of tools contributes to continuing the growth of the digital asset industry by ensuring a safer more compliance driven environment.
Vast Market Opportunity Unlocked
The integration of the Spanish language into BIG’s investigation and compliance suite acknowledges the immense market opportunity presented by Spanish-speaking countries.
By catering to this audience, BlG says it is poised to tap into the burgeoning opportunities of the digital asset ecosystem in these regions.
The Spanish-speaking community represents a vast market with a collective population of more than 475 million people – offering substantial potential for Blockchain-based services, and demand for investigations and risk management solutions.
Recognizing this potential, Blockchain Intelligence Group has made it a priority to provide localized services and support to Spanish-speaking clients.
The addition of Spanish language capabilities positions the company as a valuable resource for cryptocurrency businesses, financial institutions, and government agencies looking to navigate cryptocurrencies in these countries.
Spanish-language CCI training
One of the highlights of this expansion is the ongoing availability of Spanish-language training through BIG’s Certified Cryptocurrency Investigator (CCI) programs.
This comprehensive training program equips professionals with the knowledge and tools required to conduct thorough investigations and achieve compliance with local and global regulations.
With all the CCI training programs already available in Spanish, BIG is equipping Spanish-speaking professionals with the necessary knowledge tailored to digital asset investigations and compliance needs of the future.
The CCI training program covers a wide range of essential topics, including Blockchain technology, the dark web, illicit use, and advanced obfuscation techniques. By offering this training in Spanish, BIG is empowering professionals across Spanish-speaking countries to stay ahead of the curve in the rapidly evolving cryptocurrency landscape.
Lance Morginn, President of Blockchain Intelligence Group, said: “Our goal has always been to provide cryptocurrency investigation and compliance solutions to clients around the world. By adding Spanish language capabilities to our suite of services, and our
existing localized CCI training programs, we are reinforcing our commitment to serving the growing digital asset sector in Spanish-speaking countries.”
Research recently released by Chainalysis recognised Mexico is also an important country to watch for its embrace of cryptocurrency-based remittances.
Remittances represent an important area of finance that crypto advocates have long touted as one the technology can make faster and cheaper.
Mexico is the world’s second-biggest receiver of remittances, with an estimated $61 billion flowing into the country from overseas per year, mostly from the United States.
Daniel Vogel, CEO, Bitso, is quoted in the Chainalysis report as saying his company processed over $3.3 billion in crypto remittances sent from the US to Mexico in 2022 – a sum said to represent 5.4% of the total market.
But where the report reveals nearly every LATAM country devoting a greater share of transaction volume to centralized exchanges than the global average, Mexico is the lone exception.
The Chainalysis stats show Mexico’s platform breakdown is more in line with global averages – with nearly half of all volume being processed through DEXes.
This, Chainalysis says, is likely the reason why Mexico devotes a higher share of purchasing activity to altcoins, as DEXes list a far greater number of assets than their centralized counterparts.
Overall, the Chainalysis report recognizes Cryptocurrency has become an important part of day-to-day life in many countries throughout the LATAM region – and in particular those facing currency devaluation.