Bitfinex Donates $1.3M Worth of BTC and USDT to Small Businesses in El Salvador

Bitfinex, a cryptocurrency exchange owned and operated by iFinex Inc., announced Thursday the donation of 36 bitcoins and 600,000 USDT to bitcoin-friendly El Salvador.

Bitfinex Donates $1.3 Million to Small Businesses

As per the official announcement, the donation, worth about $1.35 million at press time, is geared towards the country’s economic development.

Part of the funds will be distributed across small businesses in El Salvador’s most socially-deprived region, which has dramatically suffered gang violence and extortion, such as Ilopango, Soyapango, and Apop, and the remainder will be distributed to a variety of other projects and initiatives. 

Some of the start-ups that will be supported include green business initiatives that employ young and vibrant youths to tackle pollution in lake Ilopango and sanitize the environment of Apopa.

Speaking on the new development, Paolo Ardoino, the chief technology officer (CTO) at Bitfinex, noted that the donation demonstrates Bitcoin’s ability to facilitate 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,” he said.

Bitfinex to Use El Salvador’s Chivo Wallet

The crypto exchange noted that it would work with Max Keiser and Stacy Herbert, two early Bitcoin proponents who live in El Salvador, to distribute the funds to underdeveloped societies where street gangs have reportedly been terrorizing small business owners. 

The funds are currently being dispersed across recipients through their bitcoin wallets and the government-issued Chivo wallet, which was launched after the country legalized Bitcoin in 2021. 

El Salvador was the first country to approve Bitcoin (BTC) as a medium of exchange for goods and services. Since then, the nation has been bullish on the leading cryptocurrency. 

In April, El Salvador’s tourism minister, Morena Valdez, disclosed that cryptocurrencies had improved the country’s tourism sector by 30% since its recovery from the COVID-19 pandemic.