The traditional financial system is stifling amid the ongoing COVID-19 pandemic. Major countries such as the United States, United Kingdom, France, Italy among others have faced a sharp decline in their growth domestic product.
On the contrary, the cryptocurrency industry has shown immense resilience and growth even in these harsh economic conditions. In fact, the interest in Bitcoin and other cryptocurrencies spiked worldwide, especially in countries with less stable fiat currencies.
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More people are now seeing the value of cryptocurrencies and the new, decentralized financial system that utilizes these digital assets and blockchain technology. According to the latest data from DeFi Pulse, a website monitoring total funds locked in the decentralized finance protocols, the DeFi market has grown from $1 billion in June 2020 to more than $9 billion in September.
This shows the massive popularity cryptocurrencies have gained in recent times.
Crypto Companies Tap the Local Markets
As interests grow in a certain sector, so do businesses working around it. Same stands true for the cryptocurrency markets.
Cryptocurrency companies have been quick to realize the increasing demand and leverage it to expand their territories into local markets. One of the leading digital asset exchange platforms and applications, Crypto.com has launched its Spanish version. Only last week, the company also launched the French version for both its exchange and application.
Being the second most widely spoken language in the world, with most of the Spanish speaking population spread across South and North America, the launch of the Spanish version of the platform will help Crypto.com extend its reach into local communities.
Home to some of the most unstable economies in the world, South America can also be one of the best continents to test the efficiency of cryptocurrencies against fiat. Besides, having local language support on more cryptocurrency platforms, exchanges and wallets will ensure better inclusion of local communities and give them exposure to the new form of finance. It will also help the industry gain wider adoption.
Speaking on a similar note, Mariana Gospodinova, Crypto.com’s Europe GM said, launching support for Spanish was “yet another solid step” in the mission to accelerate the world’s transition to cryptocurrency.
Why Cryptos Now?
Our current financial system is ailed with many major and minor shortcomings. And cryptocurrencies along with blockchain hold the potential to solve many of those, if not all, and lay the foundation for a better financial system worldwide.
It was the 2008 financial crisis that prompted the creation of the world’s first cryptocurrency — Bitcoin. It was the first step towards a more decentralized, secure and people-oriented financial system. Now that we are heading through an even worse financial crisis, it is the best-suited time to further push decentralized finance and cryptocurrencies for wider adoption.