In order to help small businesses and communities in El Salvador, Bitfinex has donated 36 units of bitcoin and Tether tokens for up to $600,000. These funds are part of a constant cooperation with the country, the first in the world to adopt bitcoin as a currency of legal circulation throughout the territory.
The funds will be delivered to communities and towns that have been affected by gangs and whose businesses have been among the most affected by this phenomenon in the country, which has been reduced thanks to the implementation of the Territorial Control Plan and the exception regime as part of the fight against crime.
The communities benefiting from this fund will be from the municipalities of Soyapango, Ilopango, and Apopa, in the department of San Salvador. The businesses benefiting from this donation will be those focused on employing young people to reduce pollution in Lake Ilopango and clean up garbage in the municipality of Apopa.
The donated cryptocurrencies will be transferred to the bitcoin wallets of the beneficiaries, including the Chivo Wallet, a wallet promoted by the Salvadoran government after the implementation of this cryptocurrency as legal currency throughout the country was made official and which has been key to promoting the adoption of bitcoin among the population.
Paolo Ardoino, CTO of Bitfinex, highlighted the momentum and economic independence that small entrepreneurs in these municipalities can achieve with this donation, as well as the benefits that the communities will obtain from these divisions.
“This financing demonstrates in real time the potential of bitcoin to generate prosperity and 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 spread across the country,” he commented.
In El Salvador, Bitfinex operates as a financial technology provider, as part of the companies that support the implementation of bitcoin in the country, providing the ideal technological infrastructure for the circulation of this cryptocurrency.