- Bitfinex wants to expand its presence in Latin America
- The Orionx platform plans to increase its user base to 1 million by 2024
Cryptocurrency exchange Bitfinex announced on investments in the Chilean crypto exchange OrionX. The amount of funding was not disclosed. Thus, the company wants to expand its presence in Latin America.
Bitfinex CTO Paolo Ardoino stated:
“We are excited to partner with Orionx as we look to expand our footprint in Chile and throughout Latin America. This is an important step forward in our efforts to harness the power of Bitcoin and decentralized technology to advance financial freedom and empower businesses that share our values.”
Bitfinex made its investment more than a month after it received an operating license in El Salvador from the National Commission for Digital Assets. This license allows you to issue and trade secondary assets through a platform that complies with local regulations.
The exchange also recently sponsored a three-week camp in Paraguay for women to learn basic coding skills.
OrionX only provides services in Chile for now, but has plans to expand to Peru, Colombia and Mexico and surpass one million users by 2024.
Over the past year, Latin America has proven to be a promising market in the crypto scene and continues to attract the attention of outside investors. According to the Chainalysis Global Cryptocurrency Adoption Index 2022, Latin America accounts for 9.1% of the total cryptocurrency received in 2022 and is ranked seventh in terms of the size of its cryptocurrency market.