Venezuela stands out as Latin America's undisputed leader in the use of cryptocurrencies through centralized exchanges, according to a recent report by Chainalysis, a blockchain analysis firm. The data reveals that the country is positioned in fifth place in terms of the volume of crypto operations in the region.
Surpassing many renowned nations. This underlines the growing utility and adoption of cryptocurrencies in a country that has faced a declining economy and a constantly depreciating national currency.
In particular, Venezuela is distinguished by its impressive volume of cryptocurrencies received, approximately 25 billion dollars, consolidating itself as the fifth country in Latin America in this regard.
Only Argentina, Brazil, Mexico and Colombia surpass the country in terms of crypto activity. This position is even more surprising given Venezuela's challenging economic environment.
A revealing fact is that 92.5% of crypto activity in Venezuela is carried out through centralized exchanges (CEX), a figure that contrasts significantly with other countries in the region.
Colombia, Argentina, Brazil and Mexico have lower CEX usage figures, which demonstrates the strong Venezuelan preference for this exchange modality.
However, on the decentralized side, crypto activity in Venezuela is notably lower, representing only 5.6% on decentralized exchanges (DEX) and less than 1% on other decentralized finance (DeFi) platforms.
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