Bitfinex donates around $1.3M worth of BTC and USDT to Salvadoran businesses

Bitfinex donates 36 Bitcoin (BTC) units worth around $726,000 and 600,000 Tether (USDT) to early-stage small businesses and entrepreneurs.
Bitfinex donates 36 Bitcoin (BTC) units worth around $726,000 and 600,000 Tether (USDT) to early-stage small businesses and entrepreneurs.

Crypto exchange platform Bitfinex has recently donated 36 Bitcoin (BTC) units worth around $726,000 and 600,000 Tether (USDT) to early-stage small businesses and entrepreneurs. The move comes under its pledge to support economic growth in the neighborhood that have previously struggled with violence related to gangs.

As per the announcement made by Bitfinex, it is working with Max Keiser and Stacy Herbert, early users of bitcoin and content creators who reside in El Salvador. The funds are being distributed in towns and places where street gangs have been charged with taking money from businesses.

Notably, the El Salvador government declared bitcoin legal cash in 2021, and since then, the nation has served as a testing ground for the use of bitcoin technologies like the Lightning Network, a peer-to-peer “layer 2” payment network, by large businesses like McDonald’s and Starbucks. Moreover, the government has also planned to give citizenship to foreigners who invest in the country.

The country is preparing to release a $1 billion issuance of so-called volcano bonds as one of its many BTC efforts. Bitfinex and Blockstream will tokenize the bond backed by bitcoin, with the money raised going toward the creation of the much-hyped Bitcoin City. However, El Salvador has recently delayed the Bitcoin Bonds issuance due to a bearish market, as TheCoinRise reported. 

Bitfinex pledges to support businesses

Bitfinex has decided to support a number of initiatives and projects, with a priority given to small companies in Ilopango, Soyapango, and Apopa, some of the most socially poor communities in the nation. Green business efforts that employ young men to lessen pollution in Lake Ilopango and clean up rubbish in Apopa are among the endeavors that the funds assist.

According to the announcement, the recipients’ bitcoin wallets, including the Chivo wallets, which have been made available to every adult in El Salvador to encourage the use of bitcoin, are receiving donations.