Bitfinex donates 36 Bitcoin (BTC) and 600,000 USDt in El Salvador

Bitfinex announced that it will donate 36 Bitcoin (BTC) and 600,000 Tether (USDt) to small businesses in towns in El Salvador where street gangs are reportedly extorting money. 

Bitfinex and support in El Salvador, the first country with BTC as legal tender

The crypto-exchange Bitfinex said it has donated 36 BTC and 600,000 USDt to communities and small businesses in El Salvador, especially those affected by street gangs. 

#Bitfinex has donated 36 $BTC and $600K in $USDT to help communities and small businesses in El Salvador ?

Let’s aim to bring prosperity and economic freedom to more communities through $BTC and Tether! https://t.co/GopIkBXQhH

— Bitfinex (@bitfinex) July 14, 2022

“Bitfinex has donated 36 $BTC and $600K in $USDT to help communities and small businesses in El Salvador. Let’s aim to bring prosperity and economic freedom to more communities through $BTC and Tether!”

This is an ongoing support for the first country that established Bitcoin (BTC) as a legal currency in September 2021. 

The donation funds will be distributed in partnership with Max Keiser and Stacy Herbert, content creators and early adopters of Bitcoin, who live in El Salvador. 

Bitfinex and the allocation of the 36 BTC and 600,000 USDT 

The funds from the crypto-exchange are primarily headed to small businesses in some of the country’s most socially disadvantaged communities, Ilopango, Soyapango and Apopa, and will be used to support a range of projects and initiatives. 

Bitcoin donations are transferred to the Bitcoin wallets of the beneficiaries, one of which is the Chivo wallet, which has been made available to everyone of age in El Salvador to promote Bitcoin adoption.

In this regard, Paolo Ardoino CTO of Bitfinex, said:

“This funding demonstrates in real time bitcoin’s potential to bring prosperity and economic freedom. By providing bitcoin and Tether to local communities in El Salvador, we will provide vital support to small businesses while also countering the effects of gang violence that has swept across the country”.

Not only that, Bitfinex Securities El Salvador, S.A. de C.V. is acting as the financial technology provider for El Salvador‘s upcoming $1 billion Volcano Token. The Bitfinex trading platform will provide the technology infrastructure to enable the token to be traded in efficient and liquid markets.