Eight Major Business Models Operate on Blockchain Technology
Many of them already have prominent companies operating in Latin America.
Blockchain technology is still automatically associated with cryptocurrencies, volatility, or regulatory uncertainty. That association is understandable, but increasingly incomplete.
From Token Americas, Miami, 2026:
Distributed ledger technology—the technical foundation behind cryptocurrencies—has given rise to its own ecosystem of business models, many of which are already operating in the region. Some are even being used by banks and fintechs without necessarily being labeled as “blockchain.” Cross-border payment infrastructure, asset tokenization platforms, and on-chain compliance tools: the spectrum is broader and closer to everyday financial services than it may seem.
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Below, we present a map of the eight major business categories that currently structure this ecosystem.
1. Network Infrastructure Providers
These are the companies that build, maintain, or operate the underlying blockchain networks: base-layer protocols (L1s) and the scalability solutions built on top of them (L2s). Their business model may be direct—charging for network usage, staking, or validation services—or indirect, through the development of technology adopted by others.
Examples:
- Stellar Development Foundation: its network is used by several remittance and payments fintechs across the region, including pilot projects with institutions in Mexico and Argentina.
- Algorand Foundation: has established agreements with governments and digital identity initiatives throughout Latin America.
2. Blockchain Development and Integration Providers
Specialized firms that build customized solutions for companies seeking to incorporate blockchain into their operations without developing in-house capabilities. Their services include architecture design, smart contract development, code audits, and adoption consulting. This is one of the fastest-growing segments due to the shortage of specialized technical talent in the region.
Examples:
- IOV Labs (Argentina): developers of the Rootstock (RSK) ecosystem, a Bitcoin Layer 2 focused on smart contracts with a strong Latin American orientation.
- Koibanx (El Salvador / regional): provider of digital asset integration solutions for financial institutions across several countries in the region.
3. Real-World Asset (RWA) Tokenization Platforms
Companies whose business model consists of representing real-world assets—real estate, corporate debt, commodities, investment funds—as tokens on a blockchain. Tokenization enables the fractionalization of illiquid assets, expands investment access, and accelerates settlement processes.
This segment is currently attracting significant institutional attention worldwide, with banks such as JPMorgan and BBVA exploring their own tokenized issuances.
Examples:
- Liqi Digital Assets (Brazil): a platform for tokenizing receivables and credit assets in the Brazilian market.
- Defactor / Tokeniza (regional): asset tokenization solutions for SMEs and institutions in emerging markets.
4. Stablecoin Issuers
Companies that issue digital currencies whose value is pegged to a reference asset, typically the U.S. dollar. Their business model includes yields generated by reserve assets, conversion fees, and B2B services for fintechs using stablecoins as settlement rails.
In Latin America, dollar-denominated stablecoins have experienced strong organic adoption as a hedge against currency volatility, particularly in Argentina, Venezuela, and Mexico.
Examples:
- Circle (USDC): actively integrated into regional payments and remittance fintechs.
- Tether (USDT): the most widely used stablecoin in the region, especially in markets with foreign exchange restrictions.
5. Institutional Custody Providers
Companies specialized in the secure storage of digital assets for institutional clients, including funds, exchanges, banks, and corporations. They offer cold storage solutions, multi-signature custody, and, in some cases, insurance coverage for custodial assets.
As Bitcoin ETFs and tokenization continue to expand, institutional custody is becoming critical infrastructure comparable to traditional securities depositories.
Examples:
- Fireblocks: operates across Latin America with fintech and institutional clients in Brazil, Mexico, and Colombia.
- BitGo: one of the largest global digital asset custodians, with active expansion across Latin American markets.
6. On-Chain Compliance and Analytics Providers
Firms that develop tools to monitor blockchain transactions for anti-money laundering (AML), high-risk wallet identification, and regulatory compliance purposes. Their typical clients include exchanges, banks with crypto exposure, and regulators.
This segment grew rapidly following FATF requirements regarding virtual assets and OFAC sanctions imposed on specific wallets.
Examples:
- Chainalysis: maintains an active presence in Latin America, with contracts involving government agencies and regional exchanges.
- Elliptic: provides on-chain risk analysis solutions for financial institutions operating in the region.
7. Cross-Border Payments and Settlement Infrastructure
Companies that use blockchain as a settlement rail for international payments, remittances, or B2B transfers, offering greater speed and lower costs than traditional correspondent banking networks. End users may not even realize blockchain is being used behind the scenes.
This is arguably the segment with the greatest direct impact on traditional banking in Latin America, given the scale of the Mexico–United States corridor and intra-regional payment flows.
Examples in Latin America:
- Bitso: operates as remittance settlement infrastructure in the Mexico–U.S. corridor, processing billions of dollars annually.
- Ripple / XRP Ledger: involved in institutional settlement pilots across several countries in the region.
8. Decentralized Digital Identity Providers
Companies developing blockchain-based identity systems in which users control their own credentials without relying on centralized repositories. Applications include portable KYC, verifiable academic credentials, and frictionless access to financial services.
In Latin America, this segment is particularly relevant given the high proportion of underbanked populations and the challenges associated with remote onboarding.
Examples:
- Worldcoin / World ID: operates biometric enrollment programs in several Latin American countries.
- Privado.id and projects within the Polygon ID ecosystem: self-sovereign identity solutions being explored by regional fintechs.
The Map
Understanding the architecture of this ecosystem is not merely an academic exercise. It is essential for identifying the type of provider involved in a business relationship, assessing the technical and regulatory risks associated with each category, and recognizing the efficiency opportunities enabled by the technology.