bitfinexOrianx, a leading digital asset trading platform, has announced a new investment in a top cryptocurrency exchange in chile,
A joint press release by both firms said the investment is part of a broader effort to promote financial freedom and inclusion in Latin America.
OrionX, founded in 2017, has also grown South AmericaLtd. is the first “Crypto Bank” and provides a wide range of crypto-related services. Meanwhile, Bitfinex is one of the oldest crypto exchange in the industry.
Bitfinex looking to expand into Latin America
Bitfinex’s investment in OrionX comes as the Chile-based crypto exchange is eyeing expansion in Peru, Colombia and Mexico. According to the platform, entering these markets will help in its goal of crossing the one million users mark by 2024.
Meanwhile the entry into Chile gives Bitfinex the opportunity to grow its presence in the country and across the region.
Paolo Ardoino, CTO of Bitfinex, commented:
“We are excited to collaborate with OrionX as we look to expand our presence in Chile and throughout Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values. We look forward to working more closely with the Orionx team to drive its growth and development going forward.”
Bitfinex will also tap into the deal to support education programs at local universities, amid a wider expansion of efforts already being undertaken in El Salvador and Paraguay. The exchange obtained a Digital Asset Service Provider license in El Salvador in April and sponsored a three-week bootcamp in Paraguay, in collaboration with local NGO Penguin Academy. The bootcamp, according to the exchange, aims to equip women with essential coding skills.
Meanwhile, OrionX will leverage Bitfinex’s strength crypto business and network. Key aspects that benefit the Chilean firm include expertise and access to a suite of products, including staking and lending.
recently reports It was highlighted by blockchain analytics firm Chainalysis that Latin America was one of the fastest growing crypto markets in the world. Adoption across the region is set to expand by 40% year-over-year, with an estimated $562 billion in crypto inflows in 2022.
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