- 1 Crypto regulations are taking pace across countries while some seek to become crypto hubs.
- 2 The global cryptocurrency market capitalization reached 1.11 trillion USD at present.
One of the leading cryptocurrency platforms, Bitfinex is seeking moves to expand in the Latin American region. The firm recently announced a partnership with the leading crypto exchange in Chile, OrionX. The collaboration aims towards completing several initiatives.
According to the announcement, Bitfinex’s partnership with OrionX will take care of local education through running programs. Financial freedom and mainstream financial inclusion were also said to be on the agenda.
Earlier the crypto exchange’s Bitfinex Securities El Salvador reportedly received permission to operate in the region. The National Digital Asset Commission of El Salvador granted the operating license, it will allow the platform to issue and trade the secondary assets over the platforms following mandatory compliance with the regulations in the region.
The company’s other projects in the LATAM region include basic coding camps in Paraguay. The three-week-long boot camp, organized following the company’s sponsorship, aimed to make women learn to code.
Let alone Bitfinex, Latin American countries are witnessing other crypto projects budding in the region since last year. The development of crypto results in the
Latin America has been a growing market in the crypto scene over the last year and continues to attract attention from outside investors. The development in the region in terms of crypto infrastructure manages to attract more investors across the globe.
Coinbase also reported earlier to expand in Brazil. With the expansion, the leading US crypto exchange would also facilitate its services 24*7 in Portugal. It also seeks to make the onboarding process easier in the region.
Another instance to prove the country’s efforts towards setting up a crypto hub was approaching a Bitcoin ETF. In April this year, Argentina’s securities regulator approved a Bitcoin index fund in the region, the first of its kind.
Argentina, also reported a partnership of prominent stablecoin issuer Tether (USDT) this month and KriptonMarket, an on- and off-ramp platform. In the wake of the partnership, the Central Market of Argentina would be enabled to accept USDT transactions as crypto payments.
Blockchain analysis firm Chainalysis research found that Latin American countries are chasing the top position in becoming the leading regions suitable for the crypto market. It was reported to be in 7th position in terms of the growing crypto market during last year.
Out of 30 emerging countries for the potential crypto market, five of them—Brazil, Argentina, Columbia, Ecuador, and Mexico—were LATAM countries.
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