The launch news came after Bitfinex announced expansion into Chile and El Salvador through partnerships and licensing, respectively.
A peer-to-peer (P2P) trading platform has been introduced by the digital asset exchange Bitfinex in Venezuela, Argentina, and Colombia. Users in these South American nations can purchase and sell a variety of cryptocurrencies on the “Bitfinex P2P” network, including Bitcoin, Ether, Tether, Tether’s euro-pegged stablecoin EURT, and Tether Gold (XAUT). The expansion into these three nations fits with Bitfinex’s goal of boosting financial services connected to digital assets in Latin America.
Following the acquisition of a license from the National Digital Asset Commission of El Salvador in April, Bitfinex’s arm there has now launched Bitfinex P2P in Venezuela, Argentina, and Colombia. This demonstrates the exchange’s growing commitment to boosting its visibility and offering more services in the Latin American market.
Bitfinex and Chilean cryptocurrency platform OrionX teamed in May. The partnership intends to assist regional educational initiatives and financial literacy, highlighting Bitfinex’s commitment to forging connections and promoting development within the Latin American crypto ecosystem.
For many Latin American citizens who depended on LocalBitcoins’ services, the collapse of the P2P cryptocurrency exchange in February created a gap in the market. This development gives Bitfinex the chance to fill that gap and meet the region’s desire for P2P trading.
The launch of the Bitfinex P2P platform by Bitfinex demonstrates the exchange’s commitment to providing P2P trading options to users in the region, despite LocalBitcoins ceasing operations and Paxful temporarily suspending its services in the region.
By extending its network and offering more services throughout Latin America, Bitfinex hopes to provide consumers in these nations safe, convenient ways to trade cryptocurrencies, enabling them to participate in the growing digital asset market.