Latam Crypto Roundup: Brazil Takes Lead in Solana ETF Race, Matter Labs Expands zkSync Operations into the Region, and More

BeInCrypto's comprehensive Latam Crypto Roundup brings Latin America's most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region's crypto scene.

BeInCrypto’s Latam Crypto Roundup brings you the most important news and trends from Latin America. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.

This week’s roundup covers the launch of a Solana ETF in Brazil, an investigation by Colombia’s Superintendence of Industry and Commerce into Worldcoin’s operations, and more.

Solana ETF Launches in Brazil

While the prospect of a Solana ETF (SOL) in the US remains uncertain, Brazil is moving ahead confidently. QR Asset Management announced that its Solana ETF will be available for public offering starting August 21. The ETF is set to be listed on Brazil’s B3 stock exchange on August 28.

Earlier this month, the Brazilian Securities Commission (CVM) approved the ETF, named ‘QSOL11’. Managed by Vortx, the fund will track the CCME CF Solana Dollar Reference Rate. The index, developed by CF Benchmarks and the Chicago Mercantile Exchange (CME), ensures reliable Solana pricing.

This launch marks another milestone for QR Asset, which already offers crypto-related products like QBTC11 and QETH11. The company views the new ETF as a regulated option for both institutional and retail investors in Brazil.

“As a market player, it is reassuring to have Brazilian regulators so attentive and open to the evolution of the crypto ecosystem in a regulated environment. The new ETF represents yet another regulated option for institutional and retail investors to diversify their portfolios and choose the ideal composition of their investments in the sector,” QR Asset Management CIO Theodoro Fleury stated.

QR Asset isn’t the only firm working on a Solana ETF in Brazil. The CVM has also approved another Solana ETF, backed by Hashdex in partnership with BTG Pactual. Hashdex, which manages over $962 million in assets, has already launched several ETFs on B3.

Matter Labs Expands zkSync Operations into Latam

Matter Labs, the developer behind the Ethereum Layer-2 (L2) scaling solution zkSync, announced its expansion into Latin America, starting with a headquarter in Buenos Aires, Argentina. The new office aims to support local projects while driving zkSync’s growth in the region.

The protocol has seen increasing adoption in Argentina, highlighted by integrations with platforms like the Lemon exchange and QuarkID, a digital identification system built on zkSync. These partnerships are set to catalyze zkSync’s influence across Latin America in the coming months.

Matter Labs’ CEO Alex Gluchowski and President Nana Murugesan plan to visit Buenos Aires in August to meet with key leaders, decision-makers, policymakers, and crypto entrepreneurs. The goal is to explore collaboration opportunities and better understand the region’s financial state.

“Argentina has become the springboard for our regional expansion, and I’m excited for the next phase of Matter Labs’ journey to bring millions of developers and the next billion users to the blockchain,” Murugesan stated.

Matter Labs highlighted that zkSync partners like Lambda Class and OpenZeppelin are positioning L2 solutions in Latin America. They described Argentina’s crypto ecosystem as “vibrant” and a key launchpad for Web3 projects in the region.

Salvadoran FinTech DitoBanx Enters Mexico

El Salvador-based FinTech company DitoBanx is entering the Mexican market to offer financial services, including international transfers, digital credit cards, dollar accounts, cryptocurrency access, and tokenization. After obtaining its operating license in El Salvador in April 2023, the company has extended its reach to Guatemala, the US, Costa Rica, Panama, and now Mexico in 2024. The company highlighted a 50% growth in financial technology app usage in Mexico over the past four years.

DitoBanx’s offerings in Mexico will include DitoWallet and credit card services for everyday transactions. The company will also offer tokenization services to convert physical or digital assets into tokens.

“With a firm belief that financial well-being is the foundation of a prosperous society, DitoBanx enters Mexico offering personalized service available 24/7, 365 days a year,” said Guillermo Contreras, CEO and founder of DitoBanx.

The company has reportedly invested $3 million in its Mexican operations, where mobile banking users have grown from 1.5 million in 2013 to 80 million by 2023.

Contreras highlighted the commitment to Mexico’s economic and technological growth. He also noted that they plan to integrate the digital Mexican peso and aim to operate under the legal framework of a Sociedad Financiera Popular (Sofipo) by 2025.

Peru Declares War on Cryptocurrency Crime

Peruvian authorities are ramping up efforts to combat cryptocurrency-related crime. While technological advancements and growing interest in cryptocurrencies have spurred their use, they have also brought concerns about