Latam Insights: Cryptocurrency Updates from Latin America
This week’s edition of Latam Insights brings you the latest updates from the cryptocurrency landscape across Latin America. Key highlights include:
- Brazilian President Luiz Inácio Lula da Silva standing firm against tariff threats from U.S. President Donald Trump.
- Meliuz, a Brazilian cashback platform, pursuing significant funding to enhance its bitcoin holdings.
- Tether’s strategic investment in Chile-based Orionx.
Brazil’s Stance Against U.S. Tariffs
In a recent interview with Le Monde, President Lula expressed his intention for Brazil and its allies to follow their economic strategies independently, disregarding Trump’s intimidation regarding tariffs associated with moving away from the U.S. dollar in trade. Lula stated:
“Trump’s threats don’t intimidate us. We are determined to act in the interests of our nations and advocate for equitable international trade.”
He firmly rejected seeking any form of approval from Washington regarding their currency choices, stating that such a request was out of the question. Furthermore, while acknowledging the complexities involved, he emphasized that Brazil is prepared to discuss solutions through diplomacy before resorting to countermeasures, as the country currently enjoys a relatively low tariff exposure.
Meliuz’s Bitcoin Expansion Plans
Meanwhile, Meliuz, known for pioneering bitcoin reserves in Latin America, has announced plans to acquire an additional $80 million in bitcoin. To support this ambition, the cashback firm has launched a public share offering targeting 34,013,606 shares. The organizing bank, BTG Pactual, has confirmed its intention to buy up any unsold shares, indicating strong backing for Meliuz’s venture.
This fundraising initiative serves as a vital indicator of market interest in the company’s bitcoin strategy, which may be aborted if demand is insufficient.
Tether’s Investment in Orionx
Additionally, Tether, a major player in the stablecoin space, has disclosed that it has strategically invested in Orionx, a financial services firm based in Chile that focuses on stablecoin solutions. Although the details of the investment remain undisclosed, it is a significant addition to Orionx’s series A funding and positions Tether as a pivotal contributor to its growth.
The capital will facilitate the expansion of Orionx’s offerings throughout Latin America, affirming its presence in several nations, including Mexico, Peru, and Colombia. Orionx’s platform aids businesses in harnessing stablecoins to enhance cross-border transactions and offers options for converting fiat currency.
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