Bitfinex, the digital asset platform, has recently announced a novel partnership with OrionX, one of Chile’s leading cryptocurrency exchanges. This move is part of a broader effort to encourage widespread adoption in Latin America. Bitfinex’s investment will support local education programs and initiatives promoting financial freedom and inclusion in the region. This latest effort comes on the heels of Bitfinex Securities El Salvador obtaining an operating license from the National Digital Asset Commission, allowing it to issue and trade secondary assets on a locally compliant platform.
Moreover, they have sponsored a three-week boot camp for women in Paraguay offering basic coding skills education. The crypto market has been expanding in Latin America over the past year and continues to garner international interest. As per the Chainalysis Global Adoption Index for 2022, 9.1% of the worldwide crypto value received in 2022 came from Latin America, ranking it seventh in terms of market size.
It is worth mentioning that Latin America is home to five of the top thirty countries on the index, including Brazil, Argentina, Colombia, Ecuador, and Mexico. This demonstrates the region’s growing significance in the global cryptocurrency ecosystem.
In March, Coinbase announced service expansion in Brazil through partnerships with local services to provide round-the-clock customer support in Portuguese and streamline user onboarding. Additionally, last month, Argentina’s securities regulator gave their approval for a Bitcoin futures index, supposedly a first for the region.
Notably, Argentina also saw another recent partnership between stablecoin issuer Tether and the on- and off-ramp platform KriptonMarket on May 19. This collaboration will enable support for USDT transactions at Argentina’s Central Market, further establishing the country’s presence in the digital asset space.
While these developments in Latin America are undoubtedly positive, new adopters should be mindful of potential risks involved. Although collaborations with reputable institutions like Bitfinex are a promising sign, it’s crucial that users stay informed and exercise caution, especially in a market as volatile as cryptocurrency.
As Latin America increases cryptocurrency adoption, maintaining financial stability becomes an increasingly important factor in the continued growth of the region. Existing partnerships and regulatory advancements can foster that stability, but efforts to protect users must remain a central consideration. Overall, though there may be potential issues to navigate, Latin America’s growing involvement in the crypto sector holds the promise of more significant financial freedom and inclusion for the region’s residents.
Source: Cointelegraph
