Koywe-Web3-Chile
Koywe, the B2B Chilean startup specializing in providing fintech infrastructure, is looking to revolutionize local payments in Latin America and offer better transaction rates and faster settlement times, through web3 technology.
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Through a press release, the company founded by Ignacio Detmer, former partner of Frontier Car Group (FCG), the first unicorn with Chilean partners; and Guillermo Acuña, co-founder and still a partner of Cumplo, argued that:
“Convinced that the future of financial transactions lies in the integration of innovative technologies like web3, it aims to facilitate the massive adoption of these technologies in the region, understanding their potential to democratize and improve the efficiency of the financial system.”
Through a solution or tool that allows for the seamless transition between fiat money (like pesos, dollars, euros, etc.) and cryptocurrencies, called a “ramp” on the blockchain, Koywe facilitates the entry and exit of funds from and to the world of crypto assets.
According to Koywe:
“In the world of web3 technology, ramps are fundamental to maximize the accessibility and ease of use of cryptocurrencies. This is particularly relevant in regions like Latin America, where local blockchain-based exchanges exist, but not necessarily ramps that simplify interaction with these new technologies.”
Just four months after its founding, the company is already part of the Y Combinator hub, one of the most reputable accelerators in the international technology sector.
Koywe, with operations already established in Chile, Mexico, Peru, and Colombia, is preparing to expand to Brazil and Argentina in the coming days.
Between July 2021 and June 2022, LatAm received US$562 billion in cryptocurrencies, a year-on-year increase of 40%, positioning itself as the second region in the world for accelerating cryptocurrency adoption and the seventh by absolute market volume. However, last month, Bitcoin fell 12% and Ethereum 15%, the lowest price in just over a year.
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Why is this relevant for fintech startups in LatAm?
- Web3 technology offers greater reliability and security. This means that fintechs can offer a much more reliable service and increase the speed of adoption by end users.
- Web3 technology allows for customizing navigation parameters, this means that the user experience can be improved and responses can be given more quickly and efficiently according to their needs.
- Despite the fall in cryptocurrencies, the market is recovering both in LatAm and the rest of the world.
- By providing greater security, laws that regulate the cryptocurrency market could transform in favor of the industry.
With information of: Koywe
