The first Latin American cryptocurrency bank, Orionx, announces a strategic agreement with Bitfinex to grow its customer base in Mexico, Peru, and Colombia to reach one million by 2024.
The first cryptocurrency bank in Latin America, Orionx, has today announced a new relationship with Bitfinex, the most popular digital token trading platform. By 2024, Orionx hopes to consolidate its foothold in Mexico, Peru, and Colombia and reach more than one million customers in Latin America with the help of Bitfinex.
To hasten the adoption of cryptocurrencies in Latin America, Bitfinex and the crypto bank OrionX have teamed up
Bitfinex has strategically invested in Orionx because it recognizes the potential of cryptocurrencies to improve Latin American communities.
In fact, this alliance will hasten the introduction of ground-breaking goods and services specifically designed for the area, such as prepaid cards for cryptocurrency use, staking, saving wallets, remittance services, and improved services for local companies.
The following is what Bitfinex CTO Paolo Ardoino had to say about the new alliance:
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 decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward.
Orionx, which was founded in 2017, has emerged as one of Latin America’s most promising success stories in the cryptocurrency sector. From its beginnings as a crypto exchange, it has grown into the region’s first crypto bank, providing users with a wide range of services relating to cryptocurrencies.
The company now plans to develop in Peru, Colombia, and Mexico as it prepares to expand outside of Chile, with the objective of reaching one million customers by 2024.
The advantages of Bitfinex and Orionx’s collaboration
Both Bitfinex and Orionx anticipate significant advantages from their relationship, as the two companies share a common commitment to decentralized technology, financial freedom, and providing a viable alternative to traditional banking.
For its part, Bitfinex will expand significantly and indirectly reach millions of users in Latin America.
As it builds on recent efforts to promote financial independence and inclusion in nations like El Salvador and Paraguay, it will also sponsor collaborative educational initiatives for nearby universities.
In the meanwhile, OrionX will gain from Bitfinex’s extensive cryptocurrency trading network, as well as its market-leading product features in cryptocurrency trading, staking, and lending. Additionally, Bitfinex will continue to develop new, cutting-edge, and reasonably priced cryptocurrency services.
Indeed, Orionx co-founder Joel Vainstein made the following remarks:
Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital raising activities.
We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region.
Latin America is currently one of the world’s cryptocurrency marketplaces with the greatest growth rates, gaining 40% year over year to take seventh place in 2022 with anticipated cryptocurrency inflows of $562 billion, according to a report by top blockchain analytics firm Chainalysis.
By backing OrionX, Bitfinex demonstrates its commitment to expanding its presence in Latin America and other emerging markets with a high demand for financial services, marking the latest move in a series of initiatives aimed at enhancing its footprint in these regions.
Bitfinex’s assistance in promoting financial literacy in El Salvador
In El Salvador, the first nation in the world to formally embrace Bitcoin as legal cash, Bitfinex has played an increasingly active role over the course of the last two years in particular.
working closely with partners like Mi Primer Bitcoin to help the expansion of the local enterprise market and encourage financial education.
In fact, Bitfinex selected El Salvador, of all places, to introduce its Bitfinex Freedom Manifesto in November of last year. The manifesto, which was inspired by cypherpunk, reaffirms the company’s dedication to using technology advancement to advance individual freedom.
Additionally, in April 2023, El Salvador’s breakthrough new digital asset law authorized Bitfinex Securities El Salvador, a fully regulated platform for the issue and trading of tokenized assets, to get the nation’s first license as a Digital Asset Service Provider.
Additionally, Bitfinex focused on neighboring Paraguay this month in Latin America, where it sponsored a three-week bootcamp hosted by the neighborhood NGO Penguin Academy to teach women fundamental programming skills.