Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week. In this week’s edition of Latam Insights, Tether relocates its headquarters to El Salvador, Rumble closes a cloud deal with the Salvadoran government, and Nubank opens its USDC rewards program for all Latam customers.
Latam Insights: Tether’s Salvadoran Move, Rumble’s Cloud Deal
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Tether Relocating to El Salvador After Receiving Stablecoin Issuer License
Tether, one of the largest companies in the crypto industry, has revealed it is in the final stages of moving its operations to El Salvador. The decision was taken as the company recently received a Digital Assets Service Provider (DASP) license as a stablecoin issuer, allowing it to conduct its operations in the Latam nation.
Tether stressed that the forward-thinking and crypto-friendly traits of the country’s regulation were key factors behind this action. “The move enhances Tether’s flexibility to explore groundbreaking solutions in a supportive regulatory and business environment,” it stated in a press release.
In addition, this move will allow Tether to concentrate on one of its strongest market targets: developing nations that face problems in reaching dollars through legacy institutions.
El Salvador Inks Cloud Services Agreement With Rumble
The government of El Salvador recently signed an agreement with Rumble, a Canada-based video and cloud computing platform. The deal includes providing several services to the country, including cloud storage, cloud computing, databases, load balancers, and Kubernetes integration.
The deal follows a September meeting between Rumble CEO Chris Pavlovski and Salvadoran President Nayib Bukele, which was organized by Bitcoin Office Director Stacy Herbert.
Pavlovski remarked on the relevance of this milestone for the company, stressing that it signals their services are “suitable for governments to trust for their most important data and computing needs.”
“This is also just more proof that the world recognizes the importance of independence from Big Tech, as no one wants to risk being technologically silenced because an activist in Silicon Valley doesn’t like what you think or say,” he stated.
Nubank Expands USDC Rewards Program to All Customers
Nubank, one of the biggest companies in Latin America and the largest neobank in the region, has recently announced a new milestone, opening access to a dollar stablecoin-based savings option in its platform.
The company opened access to its USDC-based rewards program to its entire customer base, allowing all interested users to benefit from holding USDC in their wallets. According to a press release, the expansion was decided after a successful pilot program conducted last year involving a small number of users.
The program will be opt-in, with users wishing to participate having to enable this feature in the Nubank crypto wallet. Customers can enroll in and out of this functionality to obtain a fixed rate of 4% APY.
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