Moneda Moves (124): Web3 And Its Role in the Latinx Community
Feliz fin de semana, Moneda Moves readers. This week we had the great pleasure of being a panelist at the American Mexican Association (USA) in the company of Web3Familia, which is on a mission to educate the Latinx community about Web3.
While we were there, we figured we’d bring some learnings to you as we immerse further in the space and learn about the latest and greatest in this industry. Also speaking on the “Access and Inclusion” panel about Web3 were:
Co-founder of Web3Familia Magdalena Madrigal
Fashion Designer in Web3 and at The MOS Brand Estefania Galvan
Just a few of the learnings we took away and shared during the meeting:
Blockchain is a decentralized ledger and technology that allows cryptocurrency to exist.
Using the blockchain technology, users can verify transactions without a central authority.
Latinx and Black communities already show high adoption rate of crypto. A recent study found that 24% of cryptocurrency owners are Latinx, versus 16% of all U.S. adults.
As of Feb ‘22, investors dedicated upwards of $3.8 billion into new companies in the space in 196 deals—more than last year at this time (Crunchbase).
The opportunity for the decentralized web doesn’t come without risk as the industry is in its early stages.
Headlines to put on your radar.
Chingona Ventures attains $52 million to fund overlooked founders who are focused on on big markets: Based in the Chicagoland area, founder Samara Hernandez’s goal is to invest in founders mainly in the Midwest. Among the companies in the portfolio are Credit Karma and Suma Wealth.
Why Hispanic people may turn to cryptocurrencies to pay bills (context add to today’s newsletter): Compared to other groups of color, Hispanic people are leading the way in cryptocurrency ownership. 24% of cryptocurrency owners are Hispanic, per a recent report from Morning Consult and reported by CNBC.
Many opportunities of growth in crypto have been in Latin America, including Mexico, Brazil and Argentina.
“There are communities out there that need better ways to pay,” said Charlotte Principato, financial services analyst at Morning Consult. “And that is one of cryptocurrency’s big promises, especially for bitcoin.”
Thank you for joining us! Until next week, catch us here on Moneda Moves.