Bitfinex donates 36 BTC to Salvadoran businesses to support economic development
Bitcoin-friendly Latin American country has placed BTC at the center of its economic revitalization strategy.
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Cryptocurrency exchange Bitfinex has donated 36 Bitcoin (BTC) and $600,000 of Tether (USDT) to small businesses in El Salvador as part of a broader commitment to support development economy in neighborhoods that have struggled with gang-related violence.
The funds are being distributed in the socially disadvantaged communities of Ilopango, Soyapango and Apopa, where gang violence and extortion from small business owners are most common, Bitfinex announced Thursday. The donations, which will be funded by the recipients' Bitcoin wallets, including the state-sponsored Chivo wallet, will support eco-friendly business initiatives that employ local workers.
In addition to funding the donations, Bitfinex's parent company, iFinex Inc., is working with the Salvadoran government to create a new regulatory framework for digital assets and securities, the company said.
Since Bitcoin became legal tender in June 2021, El Salvador has increased its cash reserves of the digital asset through several buy-to-buy over the past few months. The Salvadoran government now holds 2,301 BTC with a cumulative value of $46 million.
El Salvador just bought the dip!
500 coins at an average USD price of around $30,744 #Bitcoin
—Nayib Bukele (@nayibbukele)
Bitcoin-friendly Latin American country has placed BTC at the center of its economic revitalization strategy.
New
Cryptocurrency exchange Bitfinex has donated 36 Bitcoin (BTC) and $600,000 of Tether (USDT) to small businesses in El Salvador as part of a broader commitment to support development economy in neighborhoods that have struggled with gang-related violence.
The funds are being distributed in the socially disadvantaged communities of Ilopango, Soyapango and Apopa, where gang violence and extortion from small business owners are most common, Bitfinex announced Thursday. The donations, which will be funded by the recipients' Bitcoin wallets, including the state-sponsored Chivo wallet, will support eco-friendly business initiatives that employ local workers.
In addition to funding the donations, Bitfinex's parent company, iFinex Inc., is working with the Salvadoran government to create a new regulatory framework for digital assets and securities, the company said.
Since Bitcoin became legal tender in June 2021, El Salvador has increased its cash reserves of the digital asset through several buy-to-buy over the past few months. The Salvadoran government now holds 2,301 BTC with a cumulative value of $46 million.
El Salvador just bought the dip!
500 coins at an average USD price of around $30,744 #Bitcoin
—Nayib Bukele (@nayibbukele)What's Your Reaction?
