Bitfinex to Donate $600,000 in Bitcoin, Tether to El Salvador

Bitfinex is reporting that it will donate 36 Bitcoin (BTC) and US$600,000 Tether tokens (USDt) to help small businesses and communities in El Salvador. Bitfinex added that this is part of the crypto exchange’s continued support for the country.

Bitfinex said they are working with Max Keiser and Stacy Herbert, who live in El Salvador. The company stated that the funds are being distributed in towns and cities where street gangs have been accused of extorting money from businesses.

El Salvador made Bitcoin legal tender in 2021, and the country has become a testing ground for corporations to implement Bitcoin technologies.

The Bitcoin donations are being transferred to recipients’ Bitcoin wallets, including the Chivo wallets, which has been made available to adults in El Salvador to promote the adoption of Bitcoin.

Paolo Ardoino, CTO at Bitfinex, commented that the funding demonstrates 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 Securities El Salvador, S.A. de C.V. is acting as a financial technology provider for El Salvador’s forthcoming US$1 billion Volcano Token. Bitfinex will provide the technology infrastructure to allow the token.

iFinex Inc., the parent company of Bitfinex, is also said to be collaborating 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. iFinex is simultaneously said to be aiding the creation of cryptocurrency legislation and regulation in El Salvador.

El Salvador made Bitcoin legal tender in the fall of 2021, distributing $30 in free Bitcoin to citizens who sign up for its national digital wallet to promote the crypto.

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