Bitfinex, a digital asset platform, recently announced a new partnership with a local exchange in Latin America as part of a larger initiative to promote wider adoption in the area. On May 24, Bitfinex revealed their investment in OrionX, one of Chile’s leading cryptocurrency exchanges. The partnership between these two digital asset companies will support local education, financial freedom, and inclusion.
This news came just over a week after Bitfinex was granted an operating license in El Salvador by the National Digital Asset Commission to issue and trade second assets through a compliant platform. Additionally, the exchange sponsored a three-week boot camp in Paraguay, teaching women the basics of coding.
The past year has seen the crypto market in Latin America grow exponentially, drawing the attention of investors. According to the Chainalysis Global Adoption Index for 2022, the global crypto value in Latin America was 9.1%. The region ranked seventh in the world for its largest cryptocurrency market, with five of the top thirty countries located in Latin America – Brazil (7), Argentina (13), Colombia (15), Ecuador (18), and Mexico (28).
In March, Coinbase announced an expansion of services to Brazil, allowing customers to receive round-the-clock customer service through local partnerships. Easy onboarding procedures were also implemented. Last month, Argentina’s local securities regulator approved the world’s first Bitcoin futures index.
A new partnership was also revealed between Stablecoin issuer Tether and KriptonMarket, an on-and off-ramp platform, on May 19th. USDT transactions will now be supported at Argentina’s Central Market.