Bitfinex, the digital token trading platform has announced that it is set to donate 36 Bitcoin (BTC) and US$600,000 Tether tokens (USDT) in aid to small businesses located in El Salvador to show their continued support for the country. This announcement was made in a blog post shared by the Bitfinex digital token trading platform.
Paolo Ardoino, CTO at Bitfinex, made a statement. He said: “This funding demonstrates in real-time Bitcoin’s potential to bring prosperity and economic freedom. 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.”
Bitfinex Distribution Of The Donation Funds
According to Bitfinex, the donation funds will be distributed to targeted places like towns and cities where street gangs have been accused of extorting money from businesses. Bitfinex made this donation to show it still has support for the country.
The funds will be targeted at small businesses in some of El Salvador’s most socially deprived communities of Ilopango, Soyapango, and Apopa. And it will also support a variety of projects and initiatives.
The donation of the Bitcoins will be distributed to individuals’ Bitcoin wallets that include “the Chivo wallet which has been made available to every adult in El Salvador to promote the adoption of Bitcoin.”
Ventures supporting this donation include green business initiatives employing young men to reduce pollution in lake Ilopango and clean up litter in Apopa.
Other Projects Bitfinex Is Working On
Bitfinex Securities El Salvador, S.A. de C.V. is now acting as a fintech provider for El Salvador’s incoming US$1 billion Volcano Token, which “will only be available to verified Bitfinex Securities customers in eligible jurisdictions.” According to Bitfinex, “The token will not be available in the US or to US persons.”
Bitfinex will be helping El Salvador by providing the technology infrastructure El Salvador needs to allow the Volcano token to trade in an efficient and liquid market.
iFinex To Collaborate With El Salvador Government
A company called iFinex Inc., which happens to be the parenting company for Bitfinex, is also working to join forces 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.”
This company would also help El Salvador “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.”
Key Takeaways
- The donation hasn’t been distributed yet, but it is said to be distributed today – according to the blog post shared by Bitfinex.
- The donation fund is 36 Bitcoin (BTC) and US$600,000 worth of USDT token.
- The donation is for small businesses located in El Salvador.
- The donation will be distributed to recipient’s Bitcoin wallets, including the Chivo wallet which have been made available to every adult in El Salvador.
- Among the ventures supporting this donation are green business initiatives.
