Crypto exchange Bitfinex has made an undisclosed investment in OrionX, another Chilean trading platform OrionX, to expand its influence in Latin America, according to statements from the company on May 23.
Bitfinex expands influence in Latin America and invests in OrionX
Since its foundation in 2017, OrionX offers its crypto trading and portfolio management services in Chile. It already plans to expand its operations to other Latin American countries, including Peru, Colombia and Mexico.
The company is enjoying a high growth rate and may be able to exceed one million users before 2024 according to Bitfinex forecast. Paolo ArdoinoCTO at Bitfinex, shared his analysis of the current situation:
“This investment represents a significant development in our efforts to democratize the crypto ecosystem and support companies that offer trading services. »
In 2022, Chilean crypto trading platforms registered a growth of up to 50% for transactions made with stablecoinsThis is mainly due to residents’ interest in protecting their assets from recent record inflation and the staggering decline of the Chilean peso.
According to data available on Statista, 15% of the Chilean population claims to own or have used cryptocurrencies.
Latin America: increasing growth for the crypto sector
Brazil ranks first in Latin America for the adoption of cryptocurrencies, which more than 25% of respondents in recent surveys (on the democratization of the crypto sector in the region) indicated that they intend to buy cryptocurrency in the next 12 months.
Cryptocurrencies are indeed very present in this region of the world, especially in El Salvador, whose president, the now famous Nayib Bukele, set aside $107 million of public money to buy bitcoin from September 2021 to October 2022. As a reminder, El Salvador is the first country to adopt bitcoin as legal tender since September 2021.
Despite his popularity with certain investor circles, Nayib Bukele remains a rather controversial figure in the eyes of the International Monetary Fund, which has asked him to abandon his largely pro-Bitcoin policy.
Only a few weeks ago, the President of El Salvador officially signed a law that eliminates everyone income taxesownership and capital gains for technological innovations.
If you want to know more about Bitfinex and the democratization of the crypto sector in Latin America, do not hesitate to read our latest articles on the subject: