Latin America continues to grow rapidly as a region in the realm of cryptocurrency.
This week’s key event was the significant surge of Orionx, which saw its transaction volumes reach $1 billion.
Conversely, Bitfinex Derivatives, the derivatives arm of the cryptocurrency exchange Bitfinex, has announced its plans to relocate to El Salvador after obtaining the Digital Asset Service Provider (DASP) license.
The emergence of Orionx, a prominent cryptocurrency exchange in Chile, is attracting considerable attention.
Orionx, a leading Chilean cryptocurrency exchange, concluded the year with a remarkable milestone of over $1 billion in total transaction volume, largely driven by the growth of its institutional business segment.
The company showcased its successful expansion into international markets, which accounted for 50 percent of its total revenue according to an official letter published on Cointelegraph in Spanish.
Bitcoin’s annual revenue exceeding $1 billion is considered a significant milestone, indicating increasing acceptance among local institutions of the cryptocurrency as a hedge against economic instability.
In 2024, the influence of Bitcoin has been significant, and consequently, the cryptocurrency landscape in Latin America has shifted to being viewed not only as a potential investment opportunity but also as a gauge of economic resilience and a means of financial freedom in a challenging environment.
The growing desire to accumulate Bitcoin is a clear indication of its increasing importance, especially during these unusual market highs.
Vainstein expressed pride in being a part of this pivotal moment in cryptocurrency’s history, marking the potential of Bitcoin and other digital currencies as a key to societal freedom and economic transformation.
As Orionx looks to the future, it’s planning a significant expansion, with a focus on growing its service offerings and enhancing its platform capabilities, intent on reaching a transaction volume of over two billion dollars before the end of 2025, with these advancements supported by robust B2B business lines.
Approximately 70% of the company’s growth is projected to result from its international operations, further demonstrating its dedication to increase earnings from this sector, enhance its foothold in the rapidly evolving cryptocurrency market, and offer enhanced products and services.
Bitfinex Derivatives Secures License in El Salvador: What’s the Next Step?
The launch of Bitfinex Derivatives, a derivatives platform tied to the digital currency exchange Bitfinex, has announced that it will relocate to El Salvador. This decision was made after the company received a Digital Asset Service Provider (DASP) license in the country.
This move marks a significant turn in the company’s future and solidifies El Salvador’s goal of becoming a major financial services center in the southern part of the continent.
On January 7, Bitfinex Derivatives released a statement announcing a major milestone, noting that the company has obtained a DASP license and is now authorized to operate in Central America.
Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex Derivatives, referred to the project as a landmark moment when speaking with Cointelegraph, saying:
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