Cryptocurrency exchange Bitfinex has just announced that it intends to donate 36 BTC, valued at around $700,000, and 600,000 USDT, to help small businesses and communities in El Salvador.
The funds are reportedly earmarked for small businesses in the most disadvantaged areas of the country. Several projects and initiatives will receive support.
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Bitfinex CTO Paolo Ardoino has said:
"This funding demonstrates in real time bitcoin’s potential to bring 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 swept across the country."
Recipients will be able to accept donations to their own Bitcoin wallets, including Chivo, which is backed by the state.
Bitfinex Securities' local division in El Salvador will act as the financial services provider for the issuance of $100 million in Volcano government tokens.