Crypto exchange Bitfinex said on Tuesday that it has made an undisclosed investment in Chilean exchange OrionX, aiming to expand the Latin American market.
Founded in 2017, OrionX offers cryptocurrency exchange and wallet services in Chile and has plans to expand into Peru, Colombia, and Mexico and surpass one million users by 2024, according to Bitfinex.
“We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America,” Paolo Ardoino, CTO at Bitfinex, said in a statement. “This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values,” he added.
In 2022, Chilean crypto exchanges registered a 50 percent increase in stablecoin trading as residents looked to protect their assets amid severe inflation and the plunging Chilean peso.
Bitfinex obtained a digital asset service provider license in El Salvador in April to issue and offer secondary trading of assets.