Mexico currently attracts swathes of crypto companies, including big names such as Coinbase. This is primarily due to the country’s unique economic situation and the prevalence of remittance flows. Mexico borders the United States, and with the dollar’s purchasing power being considerably higher than the peso, many Mexicans migrate to the US for work opportunities and send money back home to support their families.
Year on year, the remittance figures continue to rise, with a 16.5% increase on last year in the same twelve-month period. These flows also appear to be counter-cyclical, increasing during economic uncertainty.
Mexico Becoming a Crypto Hotbed
These massive remittance flows make Mexico a prime location for crypto and blockchain innovation. For decades, companies such as Western Union have made immense profits from workers sending money home.
The borderless nature of cryptocurrency has allowed ordinary people to send money in real-time with nominal fees. The people of Mexico have rapidly adopted this new borderless form of currency. And now crypto companies are scrambling over one another, attempting to grab a piece of this remittance pie.
Uniglo and the Move From Transfer to Wealth Creation
One of the most exciting trends in Mexico is the effect exposure to cryptocurrencies for remittance has on citizens’ investment plans. Citizens have seen digital assets’ effectiveness in transferring value, and now many are wandering further into the decentralized ecosystem.
Instead of just transferring value, a percentage of the population is looking at storing their wealth. A new protocol Uniglo.io provides a long-term store of value through exposure to a unique class of assets and seems to be an ideal choice for many Mexican citizens looking for a secure and long-term investment vehicle.
Uniglo’s native token GLO possesses a hyper-deflationary token model driven by a two-pronged burning strategy, including periodic buyback and burns undertaken by the protocol itself. This additional measure to lock in value has many investors curious, and this Ethereum-based social currency fits the current trend observable in Mexico; cryptocurrencies with utility cases are being adopted most rapidly.
Closing Thoughts
Remittance flows and crypto adoption are both trending upwards in Mexico. As blockchain-powered fintech companies grow and citizens get more comfortable using stablecoins, it seems that this country is on track to becoming a crypto-friendly and crypto-fueled nation.
As investors diversify into a broader range of assets, many expect Uniglo to see significant adoption, and early investors can now involve themselves in the ຂາຍລ່ວງ ໜ້າ.
Mexico’s citizens already have a currency for sending wealth- stablecoins. As this burgeoning market develops, Uniglo will likely find new investors and may even become the nation’s standard for storing wealth.
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Source: https://www.thecoinrepublic.com/2022/10/18/mexico-is-becoming-the-crypto-remittance-hub-uniglo-io-likely-to-find-new-investors-in-the-americas/