Bitfinex Donates To Small Businesses in El Salvador

Bitfinex has announced that it has donated 36 Bitcoin and $600,000 worth of Tether (USDT) to assist small businesses and communities in El Salvador as an extension of their ongoing support for the country.

Bitfinex is reportedly working with Max Keiser and Stacy Herbert, who are early Bitcoin adopters that live in El Salvador, to help with the distribution of the funds through towns and cities where gangs have been accused of extorting money from businesses.

The donation is prioritized towards small businesses in Ilopango, Soyapango, and Apopa which will support a variety of projects and initiatives. For example, green business initiatives will employ young men to reduce pollution in lake Ilopango and clean up litter in Apopa.

The Bitcoin donations will be receivable through Bitcoin wallets, including the Chivo wallet, which are accessible to every adult in El Salvador.

“This funding demonstrates in real time Bitcoin’s potential to bring prosperity and economic freedom,” said Paolo Ardoino, CTO at Bitfinex. “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.”

Bitfinex Securities El Salvador, S.A. de C.V. is the financial technology provider for El Salvador’s $1 billion Volcano Token. Bitfinex’s exchange platform will provide the infrastructure to allow the Volcano Token to trade in efficient and liquid markets.

Bitfinex’s parent company, iFinex Inc., is in collaboration with the El Salvadoran Government to create a regulatory framework to regulate, issue, and operate digital assets and instruments in El Salvador as they promote the Bitcoin industry in El Salvador.

*The Volcano Token will only be available to verified Bitfinex Securities customers in eligible jurisdictions. The token will not be available in the U.S. or to U.S. persons.