The leading digital token trading platform, Bitfinex, has just announced its new partnership with Orionx, the first crypto bank in Latin America.
Leveraging Bitfinex’s support, Orionx aims to reach more than one million users in Latin America by 2024, consolidating its presence in Mexico, Peru, and Colombia.
Summary
Bitfinex and crypto bank OrionX team up to accelerate cryptocurrency adoption in Latin America
Recognizing the potential of cryptocurrencies to uplift Latin American communities, Bitfinex has made a strategic investment in Orionx.
Indeed, this partnership will accelerate the implementation of revolutionary products and services tailored to the region, including saving wallets, staking, prepaid cards for cryptocurrency use, remittance services, and enhanced services for local businesses.
Paolo Ardoino, CTO of Bitfinex, had the following to say about the new partnership:
“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 decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward.”
Founded in 2017, Orionx has emerged as one of Latin America’s most promising cryptocurrency industry success stories, evolving beyond its origins as a crypto exchange to become the region’s first crypto bank offering users a wide range of cryptocurrency-related services.
The company now aims to expand beyond Chile as it prepares for development in Peru, Colombia, and Mexico, with the goal of surpassing one million users by 2024.
All the benefits of the partnership between Bitfinex and Orionx
United by a shared commitment to decentralized technology, financial freedom, and providing a viable alternative to traditional banking, the partnership is expected to offer significant benefits to both Bitfinex and Orionx.
For its part, Bitfinex will gain another significant foothold in Latin America, indirectly reaching millions of users.
It will also support joint educational programs for local universities as it builds on recent work to promote financial freedom and inclusion in countries such as El Salvador and Paraguay.
Meanwhile, OrionX will benefit from Bitfinex’s strong cryptocurrency trading experience and network, and also from its industry-leading product features in cryptocurrency trading, staking and lending, as well as its continued development of new, innovative and affordable crypto services.
Indeed, Joel Vainstein, co founder of Orionx, said the following:
“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.
We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region.”
According to a report by leading blockchain intelligence firm Chainalysis, Latin America is now one of the fastest growing cryptocurrency markets in the world, expanding 40% year-on-year to seventh place in 2022 with estimated cryptocurrency inflows of $562 billion.
Hence, Bitfinex’s support for OrionX is just the latest in a series of moves aimed at increasing the company’s presence in Latin America and other emerging markets where there is a heightened and unmet need for financial services.
Bitfinex and its support for El Salvador to promote financial education
Over the past two years in particular, Bitfinex has played an increasingly active role in El Salvador, the first country in the world to officially adopt Bitcoin as legal tender.
Specifically, working closely with partners such as Mi Primer Bitcoin to promote financial education and support the growth of the local enterprise market.
In fact, in November last year, Bitfinex chose El Salvador of all places to launch its Bitfinex Freedom Manifesto, a cypherpunk-inspired statement that underscores the company’s commitment to harness technological innovation to promote individual freedom.
Furthermore, in April 2023, Bitfinex Securities El Salvador, a fully regulated platform for the issuance and trading of tokenized assets, has been granted El Salvador’s first Digital Asset Service Provider license under the country’s groundbreaking new digital asset law.
In addition, elsewhere in Latin America, Bitfinex turned its focus this month to neighboring Paraguay, sponsoring a three-week bootcamp run by local NGO Penguin Academy aimed at teaching women essential programming skills.
