Bitfinex to donate over $1 million to small businesses in El Salvador

The Bitcoin exchange Bitfinex will donate 36 BTC (about $0.7 million) and 600,000 USDT to help small businesses and communities in El Salvador.

#Bitfinex has donated 36 $BTC and $600K in $USDT to help communities and small businesses in El Salvador 🎉

Let’s aim to bring prosperity and economic freedom to more communities through $BTC and Tether! https://t.co/GopIkBXQhH

— Bitfinex (@bitfinex) July 14, 2022

The funds are intended for small businesses in the country’s most underserved areas — Ilopango, Soyapango and Apopa. The support will go to various projects and initiatives, according to the statement.

“This real financing demonstrates the potential of Bitcoin in achieving prosperity and economic freedom. By providing BTC and Tether to local communities in El Salvador, we are delivering vital support to small businesses, as well as counteracting the consequences of the widespread violence that has afflicted the country,” said Paolo Ardoino, CTO of Bitfinex.

Recipients will be able to receive the donations to their own Bitcoin wallets, including the government-backed Chivo wallet.

The local unit Bitfinex Securities El Salvador will act as a provider of financial services for the issuance of the state token Volcano for $1 billion.

The platform said that the parent company iFinex is working with the government to develop a regulatory framework for cryptocurrencies.

Earlier in September 2021, Salvadoran authorities recognised Bitcoin as legal tender.

The government began buying the first cryptocurrency shortly before legalization using a specially formed fund of $150 million.

In late July 2022, authorities purchased an additional 80 BTC for a total of $1.52 million.

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