Mexico’s Blockchain Sector Grows 90% in 2 Years Despite COVID-19
Mexico’s blockchain and financial technology, or fintech, industries have nearly doubled in size over just two years, according to data provided to Cointelegraph by blockchain-focused law firm, Legal Paradox. The firm estimates that Mexico’s fintech and blockchain sector has grown by 90% since 2018, describing the country as establishing a “benchmark” for the industry worldwide.
Despite the global economic slowdown amid the coronavirus pandemic, Legal Paradox notes an increase in local adoption of distributed ledger technology, or DLT, as large traditional firms turn to blockchain solutions in a bid to reduce inefficiencies and best position themselves to survive the current business climate. Legal Paradox notes more than 640 entities currently operating in Mexico’s financial technology sector, with 443 or 69.1% of firms based in Mexico City.
