Blockchain & Crypto

Bitfinex Expands Its P2P Platform in South America

Crypto exchange Bitfinex has launched a peer-to-peer (P2P) trading platform in Venezuela, Argentina and Colombia

Bitfinex Expands Its P2P Platform in South America

Digital asset trading platform Bitfinex launched ‘Bitfinex P2P,” an innovative new peer-to-peer (P2P) platform focused on Venezuela, Argentina and Colombia.

The platform allows users in these South American nations to buy and sell Bitcoin, Ether, Tether, euro-pegged stablecoin EURT and Tether Gold (XAUT) at an embedded marketplace or send the given assets directly to each other.

The marketplace works in a manner common to P2P platforms: a seller places a bid for prospective buyers to check and engage in a trade. To make informed choices, both buyers and sellers may avail each other’s profile details such as transaction statistics, average payment time, trading volume, trading counts, etc.

The expansion is part of the company’s efforts to promote digital asset-related financial services and financial inclusion in Latin America. Earlier, Bitfinex expanded its services into El Salvador and Chile through licensing and partnerships.

“We believe in the transformative power of Bitcoin and other digital assets, as well as the importance of providing greater access to innovative financial technologies worldwide,” said Paolo Ardoino, CTO of Bitfinex.

As of now, the service will be offered via the web interface, with a dedicated mobile app scheduled to launch later this year.

In a June 22 report on CBDCs and altcoins in Latin America and the Caribbean (LAC), the International Monetary Fund (IMF) noted that the region can be an example to the whole world, being at the forefront of digital money adoption.

One of the most important drivers of crypto adoption in Latam is its use for low-cost remittance. At the same time, decades-high inflation rates have also contributed to the adoption of crypto in the region, in particular, USD-backed stablecoins.

Analyzing all the benefits and drawbacks of crypto strategies existing in the region, the IMF concluded that instead of banning crypto the countries should “focus on addressing the drivers of crypto demand, including citizens’ unmet digital payment needs, and on improving transparency, by recording crypto asset transactions in national statistics.”

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.