ETHChile Highlights Triple-digit Growth In South American Crypto Ownership

Crypto ownership in South America has grown 116% from 2023 to 2024, said Cristóbal Pereira, one of the main organizers behind ETHChile.

ETHChile took place in Santiago, the country’s capital, and featured panels on topics ranging from Web3 adoption in the region to tokenized literature and the role of women in the crypto ecosystem.

In a talk given Friday morning, Pereira showcased the region’s significant growth, which rose from 25 million crypto users in 2023 to 55 million users this year. The triple-digit percentage jump places South America at the top of the growth ranking worldwide and in third place for overall crypto users, behind Asia with 326 million and North America (which comprises the U.S., Canada, and Mexico) with 72 million.

Pereira explained that a big chunk of the growth is driven by countries that battle high levels of inflation, like Argentina and Venezuela, alongside Brazil’s recent warming to the crypto ecosystem through some of its largest banks.

The Chilean crypto ecosystem is small compared to some of its regional counterparts, such as Argentina or Brazil. Nevertheless, ETHChile gathered roughly 400 builders, enthusiasts, and crypto-curious attendees.

Chile stands at the forefront of regulatory innovation after approving a new FinTech law in 2023. The country, which lags in adoption, included a category for so-called “crypto assets,” which has been considered an auspicious move by entrepreneurs despite questions surrounding the cumbersome paperwork it requires.

Over the course of two days, the conference conducted a series of panels with entrepreneurs and builders from the Chilean crypto ecosystem. Most were centered around what companies are building and the ecosystem’s sluggish growth.

Other conversations touched on important aspects of the crypto ecosystem, such as the role of women in crypto, how Web3 is gearing to transform other nation’s more archaic financial systems, and the role digital assets play in remittances.