In support of small businesses and communities in El Salvador, Bitfinex, a state-of-the-art digital token trading platform, announced today that it will donate 36 bitcoin (BTC) and US$600,000 Tether tokens (USDt). The mission is part of the company’s ongoing effort to support the local economy and its users.
The announcement comes as BitFinex accelerates commitment to its ecosystem by announcing strategic partnerships with global payment providers, custodians, and banks. This initiative is part of broader strategy that includes a rebranding initiative that will explore additional ways for the company to support innovative projects and partners in the community.
The funds are being distributed in towns and cities in El Salvador where street gangs are accused of extorting money from businesses with the help of Max Keiser and Stacy Herbert, early bitcoin adopters and content creators. In 2021, El Salvador made bitcoin legal to trade, and major corporations such as McDonald’s and Starbucks have been testing bitcoin technology, including the Lightning Network, a peer-to-peer ‘layer 2’ payment protocol, there.
Initially targeted at small businesses in some of the most socially deprived communities of Ilopango, Soyapango, and Apopa, the funds will support various projects.
This donation supports green business initiatives that employ young men to reduce pollution in Lake Ilopango and clean up litter in Apopa.
To promote bitcoin adoption in El Salvador, donations are being passed through recipients’ bitcoin wallets, including the Chivo wallet available to every adult.
“This funding demonstrates in real time bitcoin’s potential to bring prosperity and economic freedom,” said Paolo Ardoino, CTO at Bitfinex. “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.”
El Salvador’s Bitfinex Securities, S.A. de C.V. provides the financial technology for Volcano Token, a US$1 billion project. Bifinex will provide the technology infrastructure to facilitate efficient and liquid trading of the token.
The parent company of Bitfinex is in the process of developing a digital assets and securities regulatory framework in El Salvador to govern, issue, and operate digitized financial instruments, as well as supporting the creation and implementation of balanced legislation and regulations on digitized financial instruments in El Salvador in order to promote the growth of the cryptocurrency industry.
It will be possible to purchase Volcano Tokens only if you are a verified Bitfinex Securities customer in an eligible jurisdiction. Residents of the United States and US citizens will not be able to purchase tokens.
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