The company plans to launch a mobile version later in the year with additional features to improve user experience.
Digital asset exchange Bitfinex has launched a new peer-to-peer (P2P) trading platform in Venezuela, Argentina, and Colombia. The platform, called BitfinexP2P, will allow users in these countries to buy and sell Bitcoin (BTC), Ether (ETH), Tether tokens (USDT and EURT), and Tether Gold (XAUT) directly without paying intermediaries.
Paolo Ardoino, CTO of Bitfinex, expressed his delight at the launch of the P2P marketplace. He espoused the company’s belief in the transformative power of Bitcoin and its potential in driving financial inclusion. “By offering a reliable and efficient platform for P2P token trading, we are empowering our customers to engage with the marketplace in a way that affords maximum convenience based on their needs and preferences,” he said.
At the moment, BitfinexP2P is available for use on the web. The company plans to launch a mobile version later in the year with additional features to improve user experience.
Bitfinex and Its P2P Platform: Latin American Drive
This is not Bitfinex’s first foray into Latin America. Rather, BitfinexP2P is part of Bitfinex’s ongoing efforts to expand its presence and services in Latin America, a region that has seen a growing demand for crypto-related services amid economic and political challenges.
In May, Bitfinex partnered with OrionX, a Chile-based crypto bank to passport its services to Peru, Colombia, and Mexico. Bitfinex also recently collaborated with Mi Primer Bitcoin in El Salvador to promote financial literacy and support the government’s Bitcoin adoption drive. The exchange also recently obtained its DASP license from El Salvador’s National Digital Asset Commission.
BitfinexP2P fills a gap in the Latin American P2P market, which has seen some major players exit or suspend their operations in the region. Local Bitcoins, one of the oldest P2P platforms, ceased operations in Latin America after ten years of service. Paxful, another popular P2P platform, also temporarily halted its operations in the region before resuming in May.
The P2P trading platform is expected to attract more users and liquidity. It will also support the development of the local crypto ecosystem.