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Digital asset platform Bitfinex has announced a new partnership with a local exchange in Latin America as part of a larger effort to drive wider adoption in the region.
On May 24, Bitfinex announced a new investment in OrionX, one of Chile’s leading cryptocurrency exchanges. According to the announcement, the partnership between the two digital asset companies aims to support local educational programs as well as efforts to promote financial freedom and inclusion.
This comes just over a month after the National Digital Assets Commission granted Bitfinex Securities El Salvador a license to operate in El Salvador 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 programming skills.
Latin America has become a growing cryptocurrency market over the past year and continues to attract the attention of outside investors.
According to Chainalysis’s 2022 Global Adoption Index, Latin America accounted for 9.1% of the global value of cryptocurrency received in 2022. The region ranked 7th in terms of the size of the cryptocurrency market.
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The same Chainalysis report also highlights that Latin America is home to five of the top thirty countries in the index, including Brazil (7), Argentina (13), Colombia (15), Ecuador (18) and Mexico (28).
Back in March, Coinbase announced the expansion of services in Brazil through partnerships with local services, including 24/7 customer support in Portuguese and easier onboarding processes.
Last month in Argentina, the local securities regulator approved a bitcoin futures index that is reportedly the first in Latin America.
Also in Argentina, a new partnership on May 19 between stablecoin issuer Tether and on-platform and off-platform platform KriptonMarket will enable USDT transactions to be supported in the Argentine central market.