In recent years, cryptocurrencies have become a constant part of the news cycle, drawing the attention of billions of people worldwide, especially those involved in financial markets, virtual transactions, or online gaming. When Bitcoin fever first started, the topic seemed quite complex for the general public, but over time, the market simplified the subject to reach an even larger audience. Cryptocurrency exchanges are a key element of this process.
Do you work with cryptocurrency exchanges and want to optimize your payment area? Get in touch with StarsPay.
Through exchanges, the process of buying and selling various types of cryptocurrencies has been streamlined. Today, with just a few clicks, anyone can become part of the “blockchain world,” democratizing access to this technology. By involving financial transactions, multiple currencies, and the need for secure environments, it’s no surprise that the exchange sector is one of the four segments served by StarsPay.
The Cryptocurrency Market
According to a report by Lemon, published this year, Latin America has 55 million crypto users, a 12% increase compared to 2023. Among the cryptocurrencies with the highest number of transactions on the platform, Bitcoin stood out with 41.7%, followed by stablecoins, which accounted for 40.7% of the transaction volume. Well-known stablecoins, such as USDC and USDT, are pegged to the US dollar. For this reason, they are used as a hedge against inflation in countries where local currencies suffer from high volatility, which is one of the reasons for their success in the region.
Blockchain analytics firm Chainalysis released the 2024 “Global Cryptocurrency Adoption Index” report, which measures crypto use worldwide. Brazil remained the highest-ranked country in Latin America, though it dropped from 9th to 10th place globally. In Latin America, the second spot belongs to Mexico, one of the countries served by StarsPay, while Argentina follows as one of the top countries using cryptocurrencies in the region. Above Brazil, in order, are: India, Nigeria, the United States, Vietnam, Ukraine, Russia, the Philippines, and Pakistan.
The values involved in these transactions also demonstrate Brazil’s strength in the sector and the size of the market. According to a report by Kaiko, from January to May 2024, $6.9 billion in transactions involving the Brazilian real were conducted on exchanges, while the Mexican volume was $4.3 billion. For comparison, the Brazilian total in 2023 was $8.4 billion, an average of $700 million per month. In 2024, this figure has risen to more than $1.3 billion per month. In its conclusion, the report highlights the growth potential of Latin America in the coming years. “LATAM may currently be a fraction of other global markets, but the political and monetary conditions described make us believe that the region is destined for imminent growth,” the report states.
StarsPay in the Crypto World
Moving billions of dollars each year in Latin America, with the potential for even greater growth, it’s clear that cryptocurrency exchanges are fiercely competing for their share of the market. Several factors influence users’ choices among the various existing platforms, and the ease of making deposits and withdrawals plays a key role. Convenience is crucial. Ensuring that consumers have a wide range of options to move their funds on the platform can make the difference when attracting new customers.
Another point to consider is speed and efficiency. Especially in the online world and involving cryptocurrencies, users expect everything to be resolved almost instantly. If one of your competitors offers faster deposits and withdrawals with a simple, intuitive payment interface, there’s a chance you might lose a potential customer. User experience is critical in such a highly competitive environment.
Additionally, blockchain is still a relatively new technology, and much of the public is still learning about it. Therefore, security likely ranks as one of users’ top concerns, as they want to be sure their money and data are being handled with the utmost care. Convenience, speed, and security are essential to attracting and retaining customers in a competitive cryptocurrency environment. With StarsPay, your company will be equipped to offer these advantages and grow in this dynamic market.
Contact StarsPay’s sales team now at [email protected] and learn how we can make a difference for your company.
