Crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36 bitcoin and $600K worth of Tether tokens to help communities and small businesses based in El Salvador. According to Bitfinex, the fund will initially target small businesses in Salvadoran communities located in Apopa, Ilopango and Soyapango.
Donated funds to target small businesses in the communities of Ilopango, Soyapango and Apopa
Digital currency exchange Bitfinex has detailed that the company is donating 36 bitcoins (BTC) worth over $734K using current BTC exchange rates and 600,000 Tether (USDT) to small businesses and communities in the Central American country of El Salvador. .
Bitfinex said in a blog post published on Thursday that BTC donations “will be sent to recipients’ bitcoin wallets, including the Chivo wallet.” Bitfinex revealed that $1.33 million in crypto assets will be directed to the first three communities to support “various projects and initiatives”.
#bitfinex 36. have donated $BTC and $600K in $USDT To help communities and small businesses in El Salvador
Let’s aim to bring prosperity and economic freedom to more communities $BTC And Tether! https://t.co/GopIkBXQhH
— bitfinex (@bitfinex) 14 July 2022
The fund will first target small businesses in the communities of Ilopango, Soyapango and Apopa. “Ventures supported by the charity are green business initiatives employing young men to reduce pollution in Lake Ilopango and clean up litter in Apopa,” the blog post description said.
Bitcoin became legal tender in El Salvador on September 7, 2021, and the country’s government immediately began buying BTC on that day. On July 1, 2022, Bitcoin.com News reported that the country acquired 80 BTC when the major crypto asset fell below $19K per unit. The Salvadoran government has bought approximately 2,381 bitcoins since the legal tender law was codified last year.
Bitfinex CTO Paolo Ardoino believes that the $1.33 million in crypto assets will help the Salvadoran communities that need it the most. “This funding demonstrates bitcoin’s ability to bring prosperity and economic freedom in real-time,” Ardoino said in a statement on Thursday. The Bitfinex executive continued:
By providing bitcoin and Tether to local communities in El Salvador, we will provide vital support to small businesses, as well as combat the effects of mass violence that has spread across 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 acting as a “financial technology provider” for the country’s $1 billion Volcano token project. Trading platform Bitfinex will provide the necessary framework so that the token can be traded “in an efficient and liquid market”. The token will only be available to Bitfinex Securities customers in specific 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 digital asset and securities regulatory framework to regulate, issue and operate digital financial instruments in El Salvador,” The company’s blog post concludes. “As well as helping to create and enforce balanced cryptocurrency laws and regulation on digital financial instruments as they promote the development of the cryptocurrency industry in El Salvador.”
What do you think about donating 36 Bitcoin and 600,000 Tether to Salvadoran communities? Tell us your thoughts about this topic in the comment section below.
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