The crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36 bitcoin and $600K worth of tether tokens to help bolster communities and small businesses located in El Salvador. According to Bitfinex, the funds will initially target small businesses in Salvadoran communities located in Apopa, Ilopango, and Soyapango.
By providing bitcoin and tether to local communities in El Salvador, we will provide vital support to small businesses while also countering the effects of gang violence that has swept across the country.
The blog post also disclosed that Bitfinex Securities El Salvador, S.A. de C.V. is working as the “financial technology provider” for the country’s $1 billion volcano token project. The trading platform Bitfinex will provide the framework needed so the token can be traded “in efficient and liquid markets.” The token will only be available to Bitfinex Securities clientele in specific jurisdictions and U.S. residents will not be eligible.
“Ifinex Inc., the parent company of Bitfinex, is also collaborating with the Government of El Salvador to create a digital assets and securities regulatory framework to regulate, issue, and operate digitized financial instruments in El Salvador,” the company’s blog post concludes. “As well as assist in creating and implementing balanced cryptocurrency legislation and regulation on digitized financial instruments as they promote the growth of the cryptocurrency industry in El Salvador.”
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