Bitfinex Announces Donations Worth $1.3M For El Salvador Communities

Bitfinex Announces Donations Worth $1.3M For El Salvador Communities
  • It will begin with small enterprises in the Ilopango, Soyapango, and Apopa neighborhoods. 
  • Bitfinex’s CTO thinks $1.33 million in crypto assets would be a boon to the country.

Bitfinex, a digital currency exchange, has announced that it is providing 36 Bitcoin (BTC) and 600,000 Tether (USDT) to small companies and communities in El Salvador. According to a blog post published Thursday, donations will be distributed to Bitfinex’s recipient’s bitcoin wallets, including Chivo wallets. Bitfinex said that the $1.33 million in crypto assets would fund “a variety of projects and initiatives” in three communities.

Critical Help For Small Enterprises

It will begin with small enterprises in the Ilopango, Soyapango, and Apopa neighborhoods. Green business efforts employing young men to minimize pollution in Lake Ilopango and clean up trash in Apopa are two initiatives sponsored by the funds, according to the blog post.

As of September 7, 2021, El Salvador’s government began acquiring Bitcoin as soon as it became legal tender. The government had purchased 80 BTC when the main crypto asset fell below $19K per unit. Since the legal currency legislation was enacted in El Salvador last year, the government has acquired around 2,381 bitcoins.

To aid those in need, Bitfinex’s CTO thinks $1.33 million in crypto assets would be a boon to the country. As Ardoino put it, “This funding demonstrates in real-time bitcoin’s potential to bring prosperity and economic freedom. 

The CTO added further that local communities in El Salvador would get critical help for their small enterprises while at the same time reducing the impact of gang violence. According to the blog post, El Salvador’s $1 billion volcano token project uses Bitfinex Securities El Salvador, S.A. de C.V. as its “financial technology provider.”

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