Bitfinex Announces Partnership with Chile-Based OrionX
- Bitfinex recently announced a three-week boot camp in Paraguay that will help women acquire coding skills.
- The crypto exchange has plans to expand its presence in Latin America.
- Latin America is one of the world’s fastest-growing regions in terms of cryptocurrency adoption.
Cryptocurrency exchange Bitfinex has announced a partnership with Chilean crypto exchange OrionX to increase its presence in Latin America. In an official announcement, Bitfinex said the partnership between both firms would sponsor inclusion programs, support local education, and aid financial freedom.
According to Bitfinex, OrionX, which launched in 2017, provides cryptocurrency exchange and wallet services in Chile, with plans to spread to Peru, Colombia, and Mexico and reach one million customers by 2024.
As stated in the announcement, the partnership is mutually beneficial. OrionX will benefit from Bitfinex’s influential network and experience in cryptocurrency trading, as well as its industry-leading products such as lending, staking, and trading and its continued development of new, cutting-edge, and user-friendly cryptocurrency services.
Reacting to the partnership, Paolo Ardoino, CTO at Bitfinex, said, “We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values.”
Joel Vainstein, the cofounder of Orionx, remarked that “having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital-raising activities.”
Vainstein added that Bitfinex’s “extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region.”
The new partnership comes weeks after Bitfinex announced that the National Digital Asset Commission had granted it an operating license in El Salvador. The license enables the exchange to offer secondary trading of assets.
Crypto activities have soared in Latin America over the past few months, especially in Brazil and Argentina. Latin America accounted for 9.1% of the total value of cryptocurrencies received globally in 2022, according to the Chainalysis Global Adoption Index for 2022.
The raport added that Latin America has one of the world’s fastest-growing crypto markets and expands 40% year-on-year. The region reported an estimated inflow of $562 billion.