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The crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36 bitcoin and 600,000 dollars worth of bull tokens to help strengthen local communities and small businesses in El Salvador. According to Bitfinex, the funds will initially be aimed at small businesses in Salvadoran communities located in Apopa, Ilopango and Soyapango.
The digital currency exchange Bitfinex has detailed that the company donates 36 bitcoin (BTC) worth a little over $ 734K using current BTC exchange rates and 600,000 tether (USDT) to small businesses and communities in the Central American country El Salvador.
Bitfinex said in a blog post published Thursday that BTC donations will be sent to “recipients’ bitcoin wallets, including the Chivo wallets.” $ 1.33 million in cryptocurrencies will first be targeted at three communities to support “a number of projects and initiatives,” Bitfinex revealed.
#Bitfinex has donated 36 $ BTC and $ 600K in USD USD to help communities and small businesses in El Salvador 🎉
Let us aim to bring prosperity and economic freedom to more communities through $ BTC and Tether!
– Bitfinex (@bitfinex) July 14, 2022
The funds will first be aimed at small businesses in the communities of Ilopango, Soyapango and Apopa. “Among the initiatives supported by the donations are green business initiatives that employ young men to reduce pollution in Lake Ilopango and clean up rubbish 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 bought 80 BTC when the leading cryptocurrency fell below $ 19K per unit. The Salvadoran government bought about 2,381 bitcoins since the law on legal tender was codified last year.
Paolo Ardoino, CTO at Bitfinex, believes that $ 1.33 million in cryptocurrencies will help Salvadoran communities that need it most. “This funding demonstrates in real time the potential of bitcoin to bring prosperity and economic freedom,” Ardoino said in a statement Thursday. Bitfinex CEO continued:
By offering bitcoin and tarring to local communities in El Salvador, we will provide important support to small businesses, while counteracting the effects of gang violence that has swept across the country.
The blog post also revealed that Bitfinex Securities El Salvador, SA’s CV is working as a “financial technology provider” for the country’s $ 1 billion volcanic token project. The Bitfinex trading platform will provide the framework needed to trade the token “in efficient and liquid markets.” The token will only be available to the Bitfinex Securities clientele 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 regulatory framework for digital assets and securities to regulate, issue and operate digitized financial instruments in El Salvador,” the company’s blog post concludes. “In addition to helping to create and implement balanced cryptocurrency legislation and the regulation of digitized 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? Tell us your thoughts on this topic in the comments section below.
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