Cryptocurrency exchanges between Latin America and Asia topped $ 1 billion last year.

Blockchain analytics firm Chainalysis released a new study last year showing 200,000 crypto exchanges worth over $ 1 billion between Latin America and Asia, Cointelegraph reported. According to scientists, the circumstances leading to the growth of the cryptocurrency industry vary from country to country in Latin America. Certainly, the p2p industry is essential in Venezuela. Brazil has a large and specialized market, and Argentina, Paraguay, and Brazil have various markets that support the cryptocurrency market (as many products are shipped from China). On top of that, many people in Latin America are not financial institutions, which encourages the use of cryptocurrency trading.