Bitfinex Partnership Drives Crypto Adoption in Latin America

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Digital asset platform Bitfinex has announced a new partnership with a local exchange in Latin America, as part of a broader effort to drive wider adoption in the region.

On May 24, Bitfinex revealed a new investment in one of Chile’s leading cryptocurrency exchanges, OrionX. According to the announcement, the partnership between the two digital asset companies aims to support local education programs, as well as financial freedom and inclusion efforts.

This comes just over a month after Bitfinex Securities El Salvador was granted an operating license in El Salvador by the National Digital Assets Commission to issue and trade secondary assets through a platform that complies with local regulations.

The exchange also recently sponsored a three-week boot camp in Paraguay for women to learn basic coding skills.

Latin America has been a growth market in the crypto scene over the past year and continues to attract the attention of outside investors.

According to the Chainalysis Global Adoption Index for 2022, Latin America accounted for 9.1% of the global crypto value received in 2022. The region came in 7th for the largest cryptocurrency market.

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The same Chainalysis report also pointed out that Latin America is home to five of the top thirty countries in the index, which includes Brazil (7), Argentina (13), Colombia (15), Ecuador (18) and Mexico (28).

In March, Coinbase announced the expansion of its services in Brazil through partnerships with local services, including 24-hour customer support in Portuguese and simplified onboarding processes.

Last month in Argentina, the local securities regulator approved a Bitcoin futures index, which would be a first in Latin America.

Also in Argentina, a new partnership on May 19 between stablecoin issuer Tether and access and exit platform KriptonMarket will support USDT transactions in the Argentinian central market.

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