A press release shared with Bitcoinist claimed that Bitfinex partnered with crypto bank OrionX. The cooperation will allow the trading venue to strengthen its foothold in the Latin American region by targeting key countries with a high demand for crypto products.
Bitfinex Grows In Latin America, What’s Behind Deal With OrionX?
Based in Chile, OrionX was launched 2017 as a crypto trading platform. In the following years, the company has become a powerhouse in its home country, and it’s looking to expand into Peru, Colombia, and Mexico as it targets one million users by 2024.
In that sense, the cooperation with Bitfinex will allow the crypto bank to use its partner’s expertise as a worldwide platform. OrionX might benefit from Bitfinex’s capabilities with multiple products, such as trading, staking, and crypto lending.
Thus, the Latin American platform is seeking to increase its chances of succeeding in its expansion. In the meantime, Bitfinex seeks to increase its presence in the region.
Cofounder of OrionX Joel Vainstein stated about the partnership:
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.
Since 2021, the crypto trading venue has doubled its efforts to work with Latin American projects. Per the release, the company partnered with several organizations to promote Bitcoin and decentralized technologies, such as “Mi Primer Bitcoin,” based in El Salvador.
In addition, the crypto trading venue has been promoting financial and scientific education via its contribution to a Paraguay-based NGO called Penguin Academy. Bitfinex sponsored a three-week boot camp focused on teaching women coding skills.
The cooperation with OrionX is taking these efforts to the next level. The partners recognize the region’s need for financial products and services and are preparing to offer an alternative to the legacy financial system.
According to Paolo Ardoino, CTO at Bitfinex:
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.
Latin America is one of the fasting regions adopting cryptocurrencies and digital assets. This metric has been expanding by 40% year-on-year, per data from Chainalysis.
In countries like Venezuela and Argentina, crypto is a lifeline for people looking to send and receive money from their families abroad, an investment vehicle to shield from hyperinflation, and a medium of exchange more effective than their local currencies.
Cover image from Unsplash, chart from Tradingview