In an effort to increase cryptocurrency adoption in Latin America, Bitfinex just announced a new investment in a crypto exchange based in Chile.
A well-known digital asset marketplace called Bitfinex has announced a new alliance with OrionX, one of Chile’s top cryptocurrency exchanges. By promoting regional education programs and activities that emphasize financial independence and inclusiveness, the cooperation hopes to promote greater use of cryptocurrencies in Latin America.
This action demonstrates Bitfinex’s dedication to strengthening its footprint in the area and gaining access to the developing Latin American crypto market.
Bitfinex Receives Operating License in El Salvador
Soon after receiving an operating permit from the National Digital Asset Commission, Bitfinex Securities El Salvador entered into a collaboration with OrionX. With the use of this license, Bitfinex is able to create and trade secondary assets on a platform that complies with national laws. The business’s entry into El Salvador illustrates its commitment to abiding by regional regulations and giving users in the area safe and regulated bitcoin services.
Bitfinex has been actively involved in sponsoring educational efforts in Latin America in addition to the cooperation with OrionX. The business funded a three-week coding boot camp in Paraguay with a focus on teaching women the fundamentals of coding.
By investing in education and skill development, Bitfinex aims to empower individuals in the region to participate in the growing digital economy and seize opportunities in the crypto industry.
Latin America’s Growing Crypto Market
Latin America has grown to be a big market in the bitcoin industry worldwide. In 2022, the area accounted for 9.1% of the total value of all cryptocurrencies received worldwide, placing it sixth in terms of the size of the cryptocurrency market, according to the Chainalysis Global Adoption Index.
Both local and foreign investors have become interested in cryptocurrencies as a result of this increased interest, as they see the region’s potential for innovation and adoption of cryptocurrencies.
Coinbase’s Expansion in Brazil and Argentina’s Bitcoin Futures Index
Not only Bitfinex but other cryptocurrency exchanges are looking to expand in Latin America. Major cryptocurrency player Coinbase recently announced collaborations with local services to expand its service offerings in Brazil, including 24-hour customer support in Portuguese and faster onboarding procedures. Additionally, the region’s first Bitcoin futures index was approved by Argentina’s securities authority, indicating significant developments in the acceptance of cryptocurrencies there.
The alliance between Bitfinex and OrionX and its broader initiatives to encourage crypto usage in Latin America reflect the region’s expanding importance in the global crypto landscape.
Initiatives geared at education, compliance, and local alliances are expected to further fuel the rise of cryptocurrencies in the region as more exchanges and platforms begin to notice the potential of Latin America’s crypto industry.