While crypto is mainly viewed as a vehicle for speculation in some markets, users in Latam are increasingly leveraging crypto for everyday payments.

Oobit, a non-custodial cryptocurrency payments company that allows users to leverage their crypto funds through a credit card, has announced its official launch in Colombia, one of the largest markets for stablecoins in Latam. Colombia becomes the ninth live market for Oobit, after Argentina, Brazil, and Chile in Latam.

The move seeks to position Oobit as a relevant player in Colombia, with the Colombian peso being ranked second amidst centralized exchange stablecoin purchases by currency, indicating demand for crypto payment methods.

Oobit reported a large rise in the $44 billion Latam crypto economy, with Brazil leading the charge with 200% growth since the company launched. Brazilian active users are spending $400, averaging 20 transactions per month.

These purchases are focused on everyday payments, with 35% directed to grocery stores and supermarkets, 8.8% to restaurants, and 7.2% to miscellaneous food stores. In Brazil, these uses expand to beauty & barber shops and service stations, indicating a broader adoption. USDT is the most used currency for payments, with the platform’s own token at a distant second.

Highlighting how Latam has shifted to using crypto like cash, Oobit’s co-founder & CEO, Amram Adar, stressed the region “is becoming a global leader in the real-world utility of digital assets.” “We are seeing a regional shift where crypto is no longer just an investment, but a primary way to pay for groceries and healthcare, and we are proud to lead the change across LATAM,” he concluded.

Oobit’s expansion comes after it raised $25 million in its Series A funding round led by stablecoin company Tether in February. At the time, Tether CEO Paolo Ardoino declared that Oobit and Tether shared a “mutual vision to drive the widespread adoption of cryptocurrencies on a global scale.”

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