Bitfinex Donates 36 BTC To El Salvador Businesses For Economic Support

Cryptocurrency exchange Bitfinex has donated 36 Bitcoin (BTC) and Tether (USDT) worth $600,000 to small businesses in El Salvador. This is part of a commitment to support economic development in neighborhoods struggling with gang-related violence.

Bitfinex announced Thursday that the funds are being distributed in socially deprived communities such as Ilopango, Soyapango, and Appa, where gang violence and extortion of small business owners are most common.

Contributions, which will be funded through the recipient’s Bitcoin wallet, including the state-funded Chivo wallet, will support eco-friendly business initiatives employing local employers.

In addition to funding donations, Bitfinex’s parent company, iFinex Inc., is working with the El Salvador government to create a new regulatory framework for digital assets and securities.

Since the legalization of Bitcoin in June 2021, El Salvador has increased its treasury reserves of digital assets through a number of purchases. The Salvadoran government currently holds 2,301 BTC on its books, worth a cumulative $46 million.

While it seems like businesses in Salvador have been slow to accept Bitcoin, the state-sponsored Chivo wallet seems to be growing in popularity because of its role in facilitating remittances. Salvadorans living abroad sent $52 million in remittances in the first five months of 2022, according to the Central Bank of El Salvador.

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