crypto-news-flash.com
- Buenos Aires selected as regional hub for zkSync, boosting local projects like Quark ID and Lemon Cash.
- President Nana Murugesan of Matter Labs discusses collaboration potential with local cryptocurrency leaders in August.
Matter Labs, developer of the Ethereum Layer 2 scaling solution zkSync, has announced its expansion into Latin America with a new regional office in Buenos Aires, Argentina. This initiative aims to support local projects and enhance financial systems in the region.
Aleph, a temporary pop-up city in Buenos Aires, began last week by bringing together 800 builders to envision a crypto-powered city. Aleph's crypto rails are built on @zksync, supporting point-of-sale crypto purchases at 10+ businesses and a ticketing experience through… https://t.co/jjPkCLv0uS
— ZKsync (∎, ∆) (@zksync) August 16, 2024
In Argentina, zkSync has been integrated with local ventures such as the cryptocurrency exchange Lemon and Quark ID, a digital identification system that uses zkSync’s Ethereum Layer 2 protocol. These partnerships are expected to accelerate zkSync’s growth in Latin America.
zkSync’s Expansion Strategy in Buenos Aires
Alex Gluchowski, CEO of Matter Labs, along with President Nana Murugesan, will visit Buenos Aires in August. Their agenda includes meetings with local leaders, policymakers, and cryptocurrency entrepreneurs to explore future collaborations and gain insights into the financial landscape of the region.
Nana Murugesan commented:
“Partnering with projects like QuarkID and the Buenos Aires government, and Lemon Cash’s initiatives, has positioned Argentina as a pivotal region for our expansion. We aim to introduce blockchain technology to millions of developers and users.”
zkSync’s Role in the Argentine Cryptocurrency Ecosystem
Matter Labs has noted that essential collaborators of zkSync, such as Lambda Class, OpenZeppelin, QuarkID, and Lemon Cash, are swiftly establishing Layer 2 solutions across Latin America. The firm regards the Argentine crypto ecosystem as vibrant and crucial for launching Web 3.0 projects throughout the region.
As in other reports about Argentina in Crypto News Flash, zkSync believes that Latin America presents an optimal environment for the adoption of blockchain technology, potentially making Ethereum transactions faster and more economical. This initiative is expected to address real-world financial challenges and promote the use of decentralized technologies.
Adoption Trends and Technological Deployment in Argentina
Earlier this year, Diego Fernández, Buenos Aires’ Secretary of Innovation and Digital Transformation, detailed the benefits of QuarkID. He explained that user information is stored only on individual mobile devices, not on-chain, enhancing privacy and security.
“The distinctive aspect of QuarkID and the verifiable credentials offered by the protocol is that user data is only stored on mobile devices, not on-chain, where it’s accessible to the public. Only the creation of a unique user identifier (DID) is recorded on the blockchain,” said Diego Fernández.
This expansion by Matter Labs is part of a broader effort to integrate more Latin American communities into the global blockchain and cryptocurrency sectors, potentially transforming Buenos Aires into a significant hub for crypto innovations.