Bitfinex to Donate More than $1M to Small Businesses in El Salvador

Bitcoin exchange Bitfinex will donate 36 BTC (~$0.7 million) and 600,000 USDT to help small businesses and communities in El Salvador.

The funds are aimed at small businesses in the most disadvantaged areas of the country – Ilopango, Soyapango and Apopa. In the statement, it was stated that various projects and initiatives will be supported.

“This real funding demonstrates bitcoin’s potential to achieve prosperity and economic freedom. By providing BTC and Tether to local communities in El Salvador, we are providing vital support to small businesses as well as countering the effects of the massive violence that is plaguing the entire country,” said Paolo Ardoino, Bitfinex’s CTO.

Recipients will be able to accept donations to their own bitcoin wallets, including government-sponsored Chivo.

Bitfinex Securities local arm, El Salvador, will act as the financial services provider for the $1 billion Volcano government token issuance.

The platform said that parent company iFinex is working with the government to develop a regulatory framework for cryptocurrencies.

Recall that in September 2021, the authorities of El Salvador recognized bitcoin as a legal tender.

The government began buying the first cryptocurrency shortly before legalizing it at the expense of a $150 million privately created fund.

At the end of July 2022, the authorities purchased another 80 BTC for a total of $1.52 million.

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