A news release shared with Bitcoinist argued that Bitfinex partnered with cryptocurrency bank OrionX. The participation will allow the trading venue to strengthen its foothold in the Latin American region by targeting key countries with a high demand for cryptocurrency products.
Bitfinex Grows In Latin America, What’s Behind Deal With OrionX?
Based in Chile, OrionX was launched 2017 as a cryptocurrency trading platform. In the next years, the company has evolved a powerhouse in its home country, and it’s looking to expand into Peru, Colombia, and Mexico as it targets one Million users by 2024.
In that regard, the participation with Bitfinex will allow the cryptocurrency bank to use its partner’s expertise as a worldwide platform. OrionX can potentially take advantage of Bitfinex’s capabilities with numerous products, such as trading, staking, and cryptocurrency lending.
Consequently, the Latin American platform is seeking to increase its chances of succeeding in its expansion. Meanwhile, Bitfinex seeks to increase its presence in the region.
Cofounder of OrionX Joel Vainstein stated about the partnership:
Having a strategic collaboration with a company like Bitfinex will play a critical role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our financial resources 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.
Since 2021, the cryptocurrency trading venue has doubled its efforts to work with Latin American projects. Per the release, the company partnered with plenty of organizations to encourage Bitcoin (BTC) and decentralized technologies, such as “Mi Primer Bitcoin,” based in El Salvador.
Additionally, the cryptocurrency trading venue has been promoting financial and scientific education via its contribution to a Paraguay-based NGO was known Penguin Academy. Bitfinex sponsored a three-week boot camp focused on teaching women coding skills.
The participation with OrionX is taking these efforts to the following level. The partners recognize the region’s need for financial products and services and are preparing to offer an alternative to the legacy financial system.
Reports by Paolo Ardoino, CTO at Bitfinex:
We’re happy 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 (BTC) and decentralised technology to encourage financial freedom and empower enterprises that share our values. We look forward to working even more closely with the team at Orionx to facilitate its growth and development going forward.
Latin America is one of the fasting regions adopting digital currencies and digital assets. This metric has been expanding by 40 percent year-on-year, per data from Chainalysis.
In countries like Venezuela and Argentina, cryptocurrency is a lifeline for people looking to send and receive money from their families abroad, an financing vehicle to shield from hyperinflation, and a medium of exchange more effective than their local currencies.
Cover image from Unsplash, chart from Tradingview