Bitfinex Boosts Latin American Presence with Investment in Chile’s OrionX Crypto Exchange

Reputable cryptocurrency exchange Bitfinex has made an undisclosed investment in Chilean cryptocurrency exchange OrionX as part of a strategy to improve its position in Latin America. OrionX’s established position in Chile and its expansion plans in Peru, Colombia, and Mexico are to be benefited from the strategic alliance. OrionX has the potential to reach one million users by 2024, according to Bitfinex, giving it a lucrative investment option.

OrionX, a cryptocurrency exchange and wallet, was established in 2017 and serves clients in Chile. With Bitfinex’s support, the exchange will be able to grow quickly and win a sizable portion of the Latin American market. The investment demonstrates Bitfinex’s dedication to utilising Bitcoin and decentralised technology to promote financial independence and aid companies with similar goals.

Paolo Ardoino, Chief Technology Officer at Bitfinex, expressed enthusiasm about the collaboration, stating, “We’re excited to collaborate with OrionX as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values.”

The collaboration takes place at a time when Latin America is seeing an increase in demand for cryptocurrency services. Chilean cryptocurrency exchanges have grown significantly in recent years, with stablecoin transactions rising by as much as 50%. Residents are very interested in protecting their possessions from record inflation and the Chilean peso’s depreciation. Both Bitfinex and OrionX can benefit from the favourable market conditions created by this rising demand.

The aspirations of Bitfinex to expand go beyond Chile and Latin America. The exchange was granted permission to issue and allow secondary trading of assets in April after obtaining El Salvador’s first licence for digital asset service providers. This action illustrates Bitfinex’s dedication to encouraging the adoption of cryptocurrencies around the world and embracing emerging markets.