Crypto market turned red on Monday with leading cryptocurrency Bitcoin retaining $16,000 and ETH failing to break $1,200.

Bitfinex Launches a P2P Platform in Colombia and Argentina

  • Bitfinex announced an undisclosed investment in Chilean exchange OrionX in May. 
  • The new trading platform will support flexible payment options.
  • Latin America currently leads Southeast Asia and Africa in terms of crypto adoption.

Crypto trading platform Bitfinex has expanded its presence in the Latin American crypto industry by launching a Peer-to-peer marketplace in Argentina, Colombia, and Venezuela. The company announced in a blog post on Tuesday that the new platform will enable locals to buy and sell cryptocurrencies such as Bitcoin, Ether, Tether stablecoins backed by USD (USDT) and Euro (EURT), and Tether Gold (XAUT). 

An official announcement revealed that the new platform will support flexible payment patterns. Users will be able to swap one digital token for another within the marketplace. 

Paolo Ardoino, CTO of Bitfinex, said in a statement,

We are delighted to announce the launch of Bitfinex P2P in Venezuela, Argentina, and Colombia. By offering a reliable and efficient platform for P2P token trading, we are empowering our customers to engage with the marketplace in a way that affords maximum convenience based on their needs and preferences.

Ardoino added that Bitfinex’s continued expansion to Latin America reflects its belief in “the transformative power of Bitcoin and other digital assets, as well as the importance of providing greater access to innovative financial technologies worldwide.”

Bitfinex has made several moves to increase its activities in Latin America, including an undisclosed investment in Chilean crypto exchange OrionX in May. 

Bitfinex has also kept an active presence in El Salvador and has collaborated closely with local organizations to promote financial inclusion and the growth of the crypto community. 

In April, Bitfinex announced that it had become the first foreign digital asset trading platform to be licensed under El Salvador’s Digital asset issuance law. 

Latin America’s adoption of cryptocurrencies has been fast-paced. Locals believe digital currencies are the perfect alternative to their failing currencies. Furthermore, many see crypto as the only tool to foster financial inclusion in this region.

Southeast Asia, Latin America, and Africa have demonstrated strong interest in the crypto industry. However, the numbers seen in Latin America exceed those recorded in Africa and Southeast Asia.

Lawrence Woriji
Lawrence Woriji Verified Author

I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.

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