Bitfinex partnership boosts crypto adoption in Latin America

Digital asset platform Bitfinex has announced a new partnership with a local exchange in Latin America as part of a larger effort to drive wider adoption in the region.

On May 24, Bitfinex revealed a new investment in OrionX, one of Chile’s leading cryptocurrency exchanges. Per the announcement, the partnership between the two digital asset companies aims to support financial freedom and inclusion efforts, as well as support local education programs.

This comes just a month after Bitfinex Securities El Salvador was granted an operating license in El Salvador by the National Digital Assets Commission to issue and trade secondary assets through a platform compliant with local regulations.

The exchange also recently sponsored a three-week boot camp for women in Paraguay to learn basic coding skills.

Latin America has been a growing market in the crypto scene over the past year, and continues to attract the attention of outside investors.

According to Chainalysis Global Adoption index For 2022, Latin America constituted 9.1% of the global crypto value gained in 2022. The region came in at number 7 for the largest cryptocurrency market.

Connected: Foresight Ventures Pledges Additional $10M to Web3 Accelerator

The same Chainalysis report also noted that Latin America is home to five of the top thirty countries in the index, including Brazil (7), Argentina (13), Colombia (15), Ecuador (18) and Mexico (28). .

Back in March, Coinbase announced the expansion of services to Brazil through a partnership with local services, including round-the-clock customer support in Portuguese and easier onboarding processes.

Last month in Argentina, the local securities regulator approved a bitcoin futures index, reportedly a first in Latin America.

Also in Argentina, on May 19 a new partnership between stablecoin issuer Tether and on-ramp platform KryptonMarket will allow support for USDT transactions in Argentina’s Central Market.

magazine: Crypto audits and bug bounties are broken: here’s how to fix them