Crypto exchange Bitfinex announced Thursday that its trading platform will donate 36 bitcoins and $600K worth of tether tokens to strengthen communities and small businesses in El Salvador The company announced plans to do so. According to Bitfinex, the funds will first target small businesses in Salvadoran communities located in Apopa, Ilopango, and Soyapango.
targeting small businesses in the communities of Ilopango, Soyapango, and Apopa.
Digital currency exchange Bitfinex detailed that the company is donating 36Bitcoins (BTC), equivalent to just over $734K using the currentBTCexchange rate.BTCexchange rate and 600,000 Tether ( USDT)to small businesses and communities in El Salvador, Central America.
Bitfinex said in ablog postpublished Thursday that the donation ofBTCwill be sent to “recipients’ bitcoin wallets, including Chivo wallets.” The $1.33 million in crypto assets will first be directed to three communities to support “various projects and initiatives,” Bitfinex disclosed.
#Bitfinexdonated $36$600Kin BTCand $USDT for communities and small businesses in El Salvador🎉
– Bitfinex (@bitfinex) 7/14/2022
Funds will first target small businesses in the communities of Ilopango, Soyapango and Apopa.” Among the businesses that will be supported by the donation is a green business initiative that will employ youth to reduce pollution in Lake Ilopango and clean up trash in Apopa.” Blog post details.
Bitcoin became legal tender in El Salvador on September 7, 2021, and the country’s government immediately began purchasingBTCthat day; on July 1, 2022, Bitcoin.com News reported that the country had acquired 80 BTC as the leading crypto asset fell below $19K per unit. The Salvadoran government has purchased approximately 2,381 bitcoins since the legal tender law was codified last year.
Paolo Ardoino, CTO of Bitfinex, believes that the $1.33 million in crypto assets will help the Salvadoran community that needs it most.” This funding is a real-time demonstration of Bitcoin’s potential to bring prosperity and economic freedom.” Ardoino said in a statement Thursday; Bitfinex executives continued.
By bringing Bitcoin and Tether to local communities in El Salvador, we are providing critical support to small businesses while simultaneously countering the effects of gang violence that is spreading throughout the country.
Bitfinex Securities provides infrastructure technology to the Volcano Token project in El Salvador
The blog post also revealed that Bitfinex Securities El Salvador, S.A. de C.V. is working as the “financial technology provider” for the country’s $1 billion volcano token project. The trading platform, Bitfinex, will provide the necessary framework so that the tokens can be traded “in an efficient and liquid market.” The tokens will only be offered to Bitfinex securities customers in certain jurisdictions and will not be available to US residents.
“Bitfinex’s parent company, Ifinex Inc. is also working with the Government of El Salvador to create a digital asset and securities regulatory framework to regulate, issue and operate digitized financial products in El Salvador.” The company’s blog post concludes with the following:” Likewise, we support the creation and implementation of a balanced cryptocurrency law and regulation for digitized financial instruments so as to facilitate the growth of the cryptocurrency industry in El Salvador.”
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