Bitfinex, the digital asset platform, has unveiled a strategic partnership with a prominent crypto exchange in Chile as part of its broader initiative to promote wider cryptocurrency adoption across Latin America.
The collaboration involves Bitfinex making a new investment in OrionX, one of Chile’s leading cryptocurrency exchanges. The partnership aims to support local education programs and initiatives focused on financial freedom and inclusion in the region.
This move comes shortly after Bitfinex Securities El Salvador obtained an operating license from the National Digital Asset Commission, allowing the platform to issue and trade secondary assets in compliance with local regulations.
Bitfinex has been actively involved in supporting crypto development in Latin America. The exchange recently sponsored a three-week boot camp in Paraguay aimed at teaching women basic coding skills, showcasing its commitment to empowering individuals in the region.
Latin America has emerged as a significant market in the cryptocurrency space, attracting attention from both local and international investors. According to the Chainalysis Global Adoption Index for 2022, the region accounted for 9.1% of the global crypto value received that year and ranked as the seventh-largest cryptocurrency market.
The report also highlighted that Latin America is home to five countries among the top thirty in terms of crypto adoption, including Brazil, Argentina, Colombia, Ecuador, and Mexico.
Other industry players have been making moves to expand their presence in Latin America. Coinbase recently announced its service expansion in Brazil through partnerships with local services, providing round-the-clock customer support in Portuguese and streamlining onboarding processes.
Furthermore, Argentina’s securities regulator approved a Bitcoin futures index, marking a significant milestone as the first of its kind in Latin America. Additionally, a partnership between stablecoin issuer Tether and KriptonMarket, an on- and off-ramp platform, enables support for USDT transactions at Argentina’s Central Market.
Bitfinex’s collaboration and investments in the region reflect the growing importance of Latin America in the global crypto landscape, as companies recognize its potential and seek to drive adoption and innovation in the market.
