Despite the fact that bitcoin has risen back above $20,000, the cryptocurrency market is still unstable. El Salvador has become Bitcoin its legal currency, however there are currently some problems. Exchange Bitfinex said that it will donate $1.3 million in BTC and USDT to support Salvadoran communities as a way of aiding the nation.
Bitcoin is given by Bitfinex to support small businesses in El Salvador.
The ongoing cryptocurrency crisis is making it difficult for communities in El Salvador to survive. In response, the Bitfinex trading platform chose to donate 36 bitcoin (BTC), or over $734,000 at the time of writing based on the current value of the leading cryptocurrency, as well as 600,000 tether USDT. The communities and small enterprises in El Salvador are the specific beneficiaries of this donation.
The cryptocurrency exchange announced its effort in a blog post on Thursday. He claims that donations made in bitcoin will be delivered right to recipients’ bitcoin wallets. Obviously, to Chivo wallets as well. The donation is currently targeted in particular at a number of specialized activities and projects as well as specific communities. As a result, initiatives by green businesses that deal with pollution are typically the winners. And the communities that are being targeted include those in Ilopango, Apopa, and Soyapango.
Bitcoin became legal tender in El Salvador on September 7, 2021, and has been such ever since. The Salvadoran government is still stockpiling bitcoin. specifically because it dropped below $19,000. The goal of this donation, according to Paolo Ardoino, technical director of Bitfinex, is to demonstrate how the first cryptocurrency may lead to financial freedom.
Bitfinex Backs Volcano Token Project in El Salvador
El Salvador made the choice to start the Volcano Token project as part of its development strategy. The country’s initiative to introduce its own cryptocurrency is supported, Bitfinex, a cryptocurrency exchange, said in the same blog post. As a result, the exchange mentioned Bitfinex Securities’ involvement with Nayib Bukele’s country volcanic token as a fintech provider. Thus, the national cryptocurrency will develop alongside bitcoin (BTC).
Therefore, Bitfinex will offer the required infrastructure so that the cryptocurrency can be traded in active and effective marketplaces. The coin will only be available in certain jurisdictions to Bitfinex Securities customers. Therefore, US citizens won’t be allowed to use the token.
Ifinex Inc., the parent business of the exchange, collaborates closely with the Salvadoran government to develop a framework for cryptocurrency regulation. The objective is to create, manage, and control digital assets in El Salvador. The corporation claims that this endeavor would support the development of digital financial products in the nation.
Donating $1.3 million to El Salvador in BTC and USDT could help it survive the collapse of the cryptocurrency markets. The price of bitcoin is still erratic, and investors are taking significant losses. Therefore, Bitfinex’s initiative ought to aid the nation in enhancing its financial independence.
