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Within the partnership, Bitfinex and OrionX will collaborate on developing education programs in the crypto sphere for local universities, as well as promote financial freedom and inclusion efforts in Latin America.
Digital asset trading platform Bitfinex Securities Ltd has announced a strategic partnership with Chilean crypto exchange OrionX. Within the deal, Bitfinex has invested in OrionX, without disclosing the details. The aim is to expand its presence in Latin America and accelerate the adoption of cryptos in the region.
Bitfinex and OrionX
Bitfinex CTO Paolo Ardoino commented:
“We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward.”
Within the partnership, Bitfinex and OrionX will collaborate on developing education programs in the crypto sphere for local universities, as well as promote financial freedom and inclusion efforts in Latin America. For OrionX, the deal is a great opportunity to use the expertise and network of Bitfinex across crypto trading, staking and lending, and add more benefits to its ongoing development of new innovative and accessible crypto services. The company OrionX is now planning to enter new markets and reach a million users by 2024. In particular, it is interested in Peru, Mexico, and Colombia.
OrionX co-founder Joel Vainstein stated:
“Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital raising activities.”
“We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region,” added he.
Meanwhile, For Bitfinex, the partnership will bring new users, which will increase its presence in Latin America. Earlier, the company was actively involved in Bitcoin adoption by El Salvador. As we have reported, Bitfinex has made history in El Salvador, becoming the first-ever fully regulated crypto trading platform to receive a Digital Asset license in the country. The license has not only opened access to global markets for small and medium companies but also allowed Bitfinex to perform as a technology provider for Volcano Token. As such, Bitfinex started offering services that enable investors to get access to new sources of funding and innovative financial products.
Crypto Adoption in Latin America
In 2022, Latin America contributed 9.1% of the global crypto value. For the period between July 2021 and June 2022, it reached $562 billion, which marked a growth of 40% in relation to the same period last year. In addition, based on the numbers provided by Chainalysis Global Adoption Index, Latin America has 5 of the market’s top 30 countries. They include Brazil (7th place), Argentina (13th on the list), Colombia (15th place), Ecuador (18th place), and Mexico (28th spot).
The numbers show significant progress in crypto adoption, but there are still issues in the region. Firstly, people in Latin America have a limited understanding of the matter. On a scale of 0 to 5 (where 5 is maximum knowledge) they scored a mere 2.08. Secondly, there is a challenge caused by the government’s inability to prevent, detect, investigate, or prosecute the economic crimes that can arise from the adoption of crypto assets and other upcoming technologies.