How Blockchain Is Powering NJ’s Latino Communities
By Carlos Ivan Merino
Latino communities are increasingly turning to blockchain technology to address longstanding challenges. From sending remittances to planning for a financially stable future, digital assets offer practical, affordable solutions for those left out of traditional financial systems.
One of the clearest examples is cross-border payments. In 2023, people in the United States sent $10 billion to loved ones in Colombia through traditional money transfer services that charge high fees. For people paying those fees every month, the costs add up fast. Blockchain offers a better option by removing costly intermediaries, speeding up transfers, and making it possible to send money from your phone.
In New Jersey, more people are turning to blockchain for the same reasons my family does. Because it works. This frictionless method of managing and transferring money is now a key driver of innovation. Across the state, companies are using blockchain to build creative solutions and nurture the local entrepreneurial ecosystem.
New Jersey is home to more than 200 blockchain and Web3 startups and has attracted $2.8 billion in venture capital investment. The technology supports job creation, business development, and long-term economic growth. To keep that momentum going, the next step is making sure it delivers lasting value for all of our communities.
That will take leadership from our elected officials. Senators Cory Booker and Andy Kim have supported efforts that reflect how people are actually using blockchain today. Now they have the chance to lead on policy that keeps blockchain accessible and aligned with the public good. With their support, New Jersey can set the standard for how innovation drives economic growth and delivers practical benefits for historically underserved communities.
Latinos are already using blockchain to move money, manage expenses, and support their families in the U.S. and in Central and South America. For too long, sending those payments has cost more than it should. The tools that make it easier are already in use. Policymakers need to protect that progress and make sure it keeps working for the people who depend on it.
Carlos Iván Merino is the executive director of the New Jersey Innovation & Technology Alliance, which promotes innovation policy and supports emerging technology that benefits communities across the state.
