SANTO DOMINGO. - Crypto companies, as a core part of the Fintech ecosystem, are facing a significant communication challenge in Latin America, as their mass adoption consolidates in terms of users, asset growth, and capital raised through various funding rounds.
However, according to a statement issued by the Central Bank of the Dominican Republic in September 2021, they expressed that this current form of payment does not have their support and, therefore, does not enjoy the legal protection granted by the legal framework of the Dominican Republic; a situation that slows down the development of cryptocurrencies in the country.
However, in a general context, the Fintech sector attracted nearly $15 billion across Latin America during 2021, representing a great business opportunity in the implementation of digital currencies in commerce.
In light of this scenario, the LLYC report, “Communication Opportunities and Challenges for Crypto Companies,” analyzes how companies in this sector can leverage various communication resources and tools to develop an efficient strategy that allows them to achieve their business objectives in complex and challenging environments. This is especially relevant in countries like the Dominican Republic, where there is still much to be done regarding virtual assets.
Using Big Data , the conversation in four countries (Argentina, Brazil, Colombia and Mexico) was analyzed, highlighting that the digital conversation on the topic is led by exchanges , which in turn are the most interested in eradicating misinformation and myths about the crypto world to the detriment of their reputation.
As the international adoption of cryptocurrencies evolves, companies within the ecosystem are naturally compelled to compete in an increasingly mature environment. In this regard, one of the communication challenges for crypto companies is, firstly, to raise their profile in the market and, secondly, to educate audiences about the digital currency ecosystem and its advantages over other investment and savings methods, in order to drive adoption and dispel the lack of understanding and mistrust surrounding this "new business," which has a history spanning more than a decade.
Among the key factors identified to improve communication in these companies are:
- Communication must be a priority and is a marathon, not a sprint. It needs to be included in the company's business plan from the very beginning.
- Education about cryptocurrencies is key. One of the barriers to adoption is a lack of knowledge about these savings and investment tools, misinformation that breeds distrust.
- Build a network of allies to support you. Getting to know journalists who cover the crypto sector and understanding how the press works is vital.
- Communication is not marketing. It's important to differentiate between what is news and what is not.
- One for all and all for one. Before communicating externally, a crypto company's primary audience is its own team, and therefore, they should be the first to know the news.
- Communication is also digital. The boundaries between offline and online no longer exist, and social networks are playing an increasingly important role in positioning.
- Market thermometer. In addition to the press, a relationship plan with public institutions and business organizations of interest to the crypto world is essential.
- Appealing to the audience's emotional connection: Beyond business, communication involves a more emotional aspect.
The full report can be found here .
About LLYC
LLYC is a global communications, digital marketing, and public affairs consultancy that helps its clients proactively make strategic decisions, leveraging the necessary creativity, innovation, and experience, and execute them while minimizing risks, capitalizing on opportunities, and always considering reputational impact. In today's disruptive and uncertain environment, LLYC helps its clients achieve their short-term business goals and establish a long-term vision to defend their social license to operate and enhance their prestige.
LLYC (BME:LLYC) is listed on the Spanish alternative stock exchange, BME Growth. It currently has 20 offices in Argentina, Brazil (São Paulo and Rio de Janeiro), Colombia, Chile, Ecuador, Spain (Madrid and Barcelona), the United States (Miami, New York, and Washington, D.C.), Mexico, Panama, Peru, Portugal, and the Dominican Republic. It also offers its services through affiliated companies in other Latin American markets. The two leading industry publications rank LLYC among the world's most important communications companies. It is ranked 36th globally by revenue according to PRWeek's 2022 Global Agency Business Report and 42nd in PRovoke's 2022 Global Ranking.
LLYC has been chosen as the Best Communication Consultancy in Europe 2022 at the PRWeek Global Awards, and Communication Consultancy of the Year in Latin America at the International Business Awards 2021.
