• Bitfinex, a crypto exchange, has made an undisclosed investment in Chilean crypto exchange OrionX.
• The aim is to expand its presence in Latin America and surpass one million users by 2024.
• Bitfinex was recently granted El Salvador’s first license for digital asset service providers.
Bitfinex Invests in Chilean Crypto Exchange
Bitfinex, a cryptocurrency exchange, has invested an undisclosed amount in the Chilean crypto exchange OrionX with the aim of expanding its presence in Latin America and reaching one million users by 2024.
Aim to Expand Presence in Latin America
The move follows Bitfinex being granted El Salvador’s first licence for digital asset service providers earlier this year. The company is looking to collaborate with OrionX as it looks to increase its reach across Chile and the wider region.
Chilean Exchanges Register Growth In Stablecoin Transactions
According to reports, cryptocurrency exchanges registered growth of up to 50% in stablecoin transactions last year due to residents’ interest in protecting their assets from record inflation and weakening of the Chilean peso.
OrionX Offers Crypto Exchange & Wallet Services
Founded in 2017, OrionX offers crypto exchange and wallet services within Chile as well as plans to expand into Peru, Colombia, Mexico and beyond over the next two years.
Bitfinex Seeks To Promote Financial Freedom
Paolo Ardoino, CTO at Bitfinex said: “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 decentralized technology to promote financial freedom and empower businesses that share our values.”