Latin America’s centralized crypto exchanges have transformed from niche platforms to essential financial infrastructure, with exchange flows increasing ninefold from $3 billion in 2021 to $27 billion in 2024, according to Dune Research. This growth occurred without a sustained bull market, indicating a shift towards practical uses, such as remittances and cross-border commerce. During this period, Bitso emerged as the dominant exchange, processing over $25.2 billion of total flows by 2024, which represented a 1,160% increase since 2021 and captured 93% of the market share. Other exchanges like Mercado Bitcoin and Lemon Cash also reported increased flows. Additionally, Ethereum led in total flows, accounting for roughly 75% of the $45.5 billion in transfers recorded from January 2021 to July 2025, with Tron and Solana trailing behind.

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