Crypto exchange Bitfinex announced Thursday that the trading platform plans to donate 36 Bitcoin and Tether tokens worth $600,000 to support communities and small businesses in El Salvador. According to Bitfinex, the funds will initially target small businesses in the Salvadoran communities located in Apopa, Ilopango and Soyapango.
Funds donated to target small businesses in the communities of Ilopango, Soyapango and Apopa
Digital currency exchange Bitfinex said the company is donating 36 bitcoins (BTC) worth just over $734K using current BTC exchange rates and 600,000 tethers (USDT) to small businesses and communities in the Central American country of El Salvador.
Bitfinex said in a blog post published Thursday that BTC donations will 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 revealed.
Let us strive to bring prosperity and economic freedom to more communities through $BTC and Tether! https://t.co/GopIkBXQhH
— Bitfinex (@bitfinex) July 14, 2022
The funds will first target small businesses in the communities of Ilopango, Soyapango and Apopa. “Among the ventures supported by the donations are green business initiatives employing young men to reduce pollution in Lake Ilopango and clean up trash in Apopa,” the blog post said.
Bitcoin became legal tender in El Salvador on September 7, 2021, and the country’s government immediately began buying BTC that day. On July 1, 2022, Bitcoin.com News reported that the country acquired 80 BTC when the leading crypto asset fell below $19K per unit. The government of El Salvador has purchased approximately 2,381 bitcoins since the legal tender law was codified last year.
Paolo Ardoino, CTO at Bitfinex, believes the $1.33 million in crypto assets will help the Salvadoran communities that need it most. “This funding demonstrates in real time the potential of Bitcoin to bring prosperity and economic freedom,” Arduino said in a statement on Thursday. The CEO of Bitfinex continued:
By providing Bitcoin and Tether to local communities in El Salvador, we will provide vital support to small businesses while countering the effects of gang violence sweeping the country.
Bitfinex Securities to provide infrastructure technology for El Salvador’s Volcano Token project
The blog post also revealed that Bitfinex Securities El Salvador, SA de CV is working as a “financial technology provider” for the country’s $1 billion Volcano token project. The Bitfinex trading platform will provide the necessary framework for the token to be traded “in efficient and liquid markets.” The token will only be available to Bitfinex Securities customers in certain jurisdictions and US residents will not be eligible.
“Ifinex Inc., the parent company of Bitfinex, is also collaborating with the government of El Salvador to create a regulatory framework for digital assets and securities to regulate, issue and operate digitalized financial instruments in El Salvador,” the company’s blog post concludes . “As well as assisting in the creation and enforcement of balanced cryptocurrency legislation and regulations regarding digitalized financial instruments as they promote the growth of the cryptocurrency industry in El Salvador.”
What do you think about Bitfinex donating 36 bitcoin and 600,000 tether to Salvadoran communities? Let us know your thoughts on this topic in the comments section below.
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