BeInCrypto’s comprehensive Latam Crypto Roundup brings you the most important news and trends from across Latin America. We work with reporters from Brazil, Mexico, Argentina and beyond to cover the latest updates and insights on the cryptocurrency scene in those regions.
This week’s coverage includes Argentina’s AI initiative, Worldcoin’s expansion in Colombia, new cryptocurrency features from Brazil’s largest neobank, and other stories.
Argentina’s Javier Milei meets Open AI CEO Sam Altman
President Javier Milei met with OpenAI CEO Sam Altman during his first visit to San Francisco to position Argentina as an artificial intelligence (AI) hub. The hour-long meeting was seen by organizers as a significant opportunity to attract new investment. The case comes amid potential legal restrictions facing technology entrepreneurs in the United States.
President Millay shared a photo with Altman through his official X account, expressing his enthusiasm for the opportunities offered by “liberal” Argentina. Altman generally avoids formal contact with other leaders, but he makes an exception for Milei, whom he is attracted to by his passionate defense of capitalism and economic freedom.
Milei and his team criticize European regulations that stifle innovation and see Argentina as a fertile ground for technological growth. They believe China can join the United States, China and Europe as a leading hub for AI development thanks to its commitment to economic freedom and minimal regulation.
Read more: Crypto Adoption in Argentina: Everything You Need to Know
Popular LATAM arbitrage platform accused of fraud
Solesbot, a popular arbitrage platform in Venezuela and Colombia, describes itself as an artificial intelligence-based trading bot that operates in the cryptocurrency market. The suggestion is simple. Users deposit funds into their linked accounts, and the bot is responsible for buying and selling cryptocurrencies on various exchanges, taking advantage of small price differences to generate profits.
However, several members of the Latin American cryptocurrency community have raised concerns, labeling it a Ponzi scheme. Pseudonymous developer CryptoSoftDev shared an extensive thread on his X account (formerly Twitter) detailing the platform’s operations.
First, he revealed that Solesbot operates on BSC. He then pointed out that when users deposit USDT, it goes to one of BSC’s five “collector” wallets. This wallet transfers funds to a “distribution” wallet to pay users who request withdrawals.
“Upon closer inspection of the ‘COLLECTOR’ wallets, I found some rare functioning ones, but the amounts were very high. For example, this wallet had one transfer of $345,000 to another wallet four days ago. BINGO, we have the ‘DRAINER’ wallet,” CryptoSoftDev pointed out.
CryptoSoftDev noted that funds received into the “drainer” wallet were transferred to Binance and then returned to Solesbot in the form of Ethereum (ETH), “for a total amount of over $900,000.”
Despite warnings from analysts, Solesbot continues to attract followers. Many investors claim they can make a profit through the platform, but red flags still remain.
Read more: 15 most common cryptocurrency scams to watch out for
El Salvador to host Jack Dorsey-based mining operation
Ocean, a mining pool backed by former Twitter CEO Jack Dorsey, has announced the establishment of a new headquarters in the El Salvador capital with a focus on developing a decentralized Bitcoin mining business. The company operates as El Salvador’s international Bitcoin mining hub, implementing a decentralization strategy by installing miners of all sizes to expand its mining reach.
Additionally, Ocean Mining will continue to support Bitcoin education in countries such as El Zonte. A few months ago, Blockstream CEO Adam Back described Bitcoin as the evolution of “digital gold,” saying El Salvador’s mining infrastructure would make the country an “economic powerhouse.”
Bitcoin mining in El Salvador has received global attention. Last January, Bitcoin NGO “My First Bitcoin” received a new grant from Dorsey’s Block. The nonprofit will use the funds to expand its digital platform and expand its services into new languages.
Read more: Will Cryptocurrency Mining Be Profitable in 2024?
Worldcoin’s World ID arrives in Colombia
Despite international controversy, Worldcoin continues to expand in Latin America by offering World ID authentication in Colombia. This introduction coincides with growing interest in human proof across the country and region.
There are currently 10 locations with orbs, six in Bogotá and four in Medellín. However, the project recently stated that “more Orbs are coming,” indicating plans to increase the availability of these machines.
World ID could address concerns about online trustworthiness and set privacy standards, but it still faces serious legal and trust issues. The company has faced legal challenges in Spain and Portugal, where it has been banned from operating, along with ongoing investigations in Argentina and Chile.
Read more: How to Buy Worldcoin (WLD) and Everything You Need to Know
Brazilian Neobank adds support for BTC, ETH and SOL transfers
Nubank, Brazil’s largest neobank, has introduced a new feature that allows trading with Bitcoin, Ethereum, and Solana. Initially, only these three cryptocurrencies are supported, but more will be added soon.
Nubank reported a 1,500% increase in cryptocurrency trading volume between March 2023 and March 2024. This new feature allows customers to transfer their cryptocurrency assets whenever they want.
In a separate development, USDC stablecoin issuer Circle announced the launch of its infrastructure in Brazil in collaboration with Nubank and BTG Pactual. The partnership provides direct liquidity to retail customers and institutions through the Brazilian banking system, enabling the exchange and redemption of USDC.
Read more: 7 Best Crypto Credit Cards of 2024
As the Latin American cryptocurrency industry continues to grow, these stories highlight the region’s growing influence in global markets. From Argentina’s ambitions in AI to Brazil’s expansion of cryptocurrency services, LATAM is establishing itself as a key player in the world of technology. Stay tuned for more updates and insights in next week’s news.
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