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The best curated news from Latin America
BeInCrypto’s comprehensive Latam Crypto Roundup brings the most important news and trends across Latin America. With journalists in Brazil, Mexico, Argentina and other countries, we cover the latest updates and insights from the region’s crypto scene.
This week’s roundup includes AI initiatives in Argentina, Worldcoin’s expansion into Colombia, new crypto features from Brazil’s largest neobank, and other stories.
Javier Milei of Argentina meets with Open AI CEO Sam Altman
President Javier Milei met with OpenAI CEO Sam Altman during his first visit to San Francisco, with the aim of positioning Argentina as a hub for artificial intelligence (AI). The hour-long meeting was seen by organizers as a crucial opportunity to attract new investments. This event comes amidst the potential legal restrictions faced by tech 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 for stifling innovation and see Argentina as fertile ground for this technological growth. They believe the country could join the United States, China and Europe as a leading hub for AI development, thanks to its commitment to economic freedom and minimal regulation.
To know more: Cryptocurrency Adoption in Argentina: Everything to Know
Javier Milei and Sam Altman. Source: X/Twitter)
The popular arbitrage platform LATAM has been accused of fraud
Solesbot, an arbitrage platform popular in Venezuela and Colombia, presents itself as an AI-based trading bot 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 using small price differences to generate profits.
However, several members of the crypto community in Latin America have expressed concern, labeling it as a Ponzi scheme. The pseudonymous developer CryptoSoftDev shared an extensive thread on his X (formerly Twitter) account detailing the platform’s operations.
First, it revealed that Solesbot operates BSC. He then pointed out that when a user deposits USDT, it goes into one of the five “collector” wallets on BSC. These wallets transfer funds to a “distributor” walletintended to pay users who request withdrawals.
“Examining the ‘COLLECTOR’ wallets in more detail, we noticed some infrequent transactions, but of very large amounts, for example this one, $345 thousand in a single transfer to another wallet 4 days ago. BINGO, we have the ‘DRAINER’ wallet,” CryptoSoftDev pointed out.
CryptoSoftDev noted that the funds received from the “drainer” wallet are sent to Binance and then returned to Solesbot in the form of Ethereum (ETH), “totaling +$900,000 between all.”
Despite analysts’ warnings, Solesbot continues to attract followers. Many investors claim that it is possible to make money through the platform, but red flags remain.
To know more: The 15 most common crypto scams to watch out for
El Salvador attracts the mining pool backed by Jack Dorsey
Ocean, a mining pool backed by former Twitter CEO Jack Dorsey, announced the creation of its new headquarters in the capital of El Salvador, focusing on the development of the decentralized Bitcoin mining business. The company will operate as an international Bitcoin mining hub El Salvadorimplementing a decentralization strategy by installing miners of all sizes to expand their mining reach.
Additionally, Ocean Mining will continue to support Bitcoin education in the country in locations such as El Zonte. A few months ago, Blockstream CEO Adam Back declared 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 global attention. Last January, the Bitcoin NGO “My First Bitcoin” received a new grant from Dorsey’s Block. The non-profit organization will use the funds to scale its digital platform and expand its offerings into new languages.
To know more: Is Cryptocurrency Mining Profitable in 2024?
Worldcoin’s World ID lands in Colombia
Despite the international controversy, World currency continues its expansion in Latin America by offering worldwide identity verifications in Colombia. This introduction aligns with growing interest in Proof of Humanity in the country and across the region.
There are currently ten locations with spheres, six in Bogota and four in Medellin. However, the project recently declared that “more spheres are coming,” indicating plans to increase the availability of these machines.
While World ID can address concerns about online authenticity and set a standard for privacy, it still faces significant legal and trust issues challenges. The company has encountered legal problems in Spain and Portugal, where operations have been banned, along with ongoing investigations in Argentina and Chile.
To know 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, Nubankintroduced a new feature that allows transactions with Bitcoin, Ethereum and Solana. While only these three cryptocurrencies are supported initially, more will be added soon.
Nubank saw a 1,500% increase in cryptocurrency transaction 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 currency Issuing club announced the launch of its infrastructure in Brazil, in collaboration with Nubank and BTG Pactual. This alliance will provide direct liquidity to retail clients and institutions through the Brazilian banking system, enabling the exchange and redemption of USDC.
To know more: 7 Best Crypto Credit Cards for 2024
As Latin America’s crypto scene continues to grow, these stories highlight the region’s growing influence in the global market. From Argentina’s ambitions in artificial intelligence to Brazil’s expansion of cryptocurrency services, LATAM is positioning itself as a key player in the world of technology. Stay tuned for more updates and insights in next week’s recap.
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