Crypto Exchange, BitFinex has donated a total of $600,000 worth of USDT, equivalent to 36BTC, to small Salvadoran businesses to support economic development and help them survive the recent wave of gang-related violence.
BitFinex has distributed the funds across several socially-deprived communities, including Apopa, Ilopango, and Soyapango, as they announced earlier today, Thursday, July 14, 2022.
Apart from these donations, the cryptocurrency exchange is also working collaboratively with the government of El Salvador, creating a new regulatory framework for digital securities and assets.
Remember that the El Salvador government made Bitcoin their legal tender in June 2021 and has ever since continued to increase their reserves of the digital asset by engaging in many dip-buying purchases. Presently, El Salvador has a total of 2,301 BTC in its treasury reserves, equivalent to $46million.