Bitfinex has taken a significant step towards enhancing cryptocurrency adoption in Latin America with the launch of its peer-to-peer (P2P) trading platform. By expanding into Venezuela, Argentina, and Colombia, Bitfinex aims to provide users in these South American nations with seamless access to Bitcoin, Ether, Tether, Tether’s euro-pegged stablecoin EURT, and Tether Gold (XAUT).
Promoting Financial Services in Latin America
On June 27, Bitfinex officially introduced the “Bitfinex P2P” platform. This will facilitate convenient buying and selling of digital assets for users residing in Venezuela, Argentina, and Colombia. Paolo Ardoino, the chief technology officer of Bitfinex, emphasized that this expansion represents the company’s commitment to promoting financial services related to digital assets across Latin America.
Bitfinex’s move into these three countries comes on the heels of its recent expansion efforts in the region. In April, Bitfinex’s El Salvador division obtained a digital asset service provider license from the National Digital Asset Commission. This will allow the exchange to operate within the country’s regulatory framework.
Additionally, in May, Bitfinex forged a partnership with OrionX, a Chile-based crypto platform. This partnership was with the shared objective of supporting local education programs and fostering financial literacy.
Addressing a Gap in the Market
The launch of Bitfinex’s P2P trading platform fills a void left by the departure of other prominent crypto exchanges from the region. LocalBitcoins, a well-known P2P crypto exchange widely used by Latin American residents, ceased operations in February. This was after a decade of service.
Similarly, Paxful temporarily suspended its operations in April. However, it made a comeback in May, signaling its commitment to serving the Latin American market once again.