Cryptocurrency exchange Bitfinex has partnered with Chilean crypto bank OrionX, according to a press release. The partnership will allow Bitfinex to increase its footprint in Latin America by targeting countries with high demand for digital asset products. OrionX, which was founded in 2017 as a trading platform, has since expanded to become a major player in the Chilean market – and is now seeking to expand to Peru, Colombia, and Mexico, aiming to attract 1 million new user signups by 2024. OrionX will leverage Bitfinex’s worldwide platform to achieve this goal, drawing on its expertise in trading, staking, and crypto lending.

Bitfinex has been seeking to work more closely with Latin American projects since 2021, and has been partnering with a number of organizations to promote bitcoin and decentralized finance (DeFi) technology in the region. Bitfinex has also been involved in promoting financial and scientific education, sponsoring a women-focused coding bootcamp in Paraguay, run by local NGO the Penguin Academy.

The OrionX partnership takes these efforts up a notch, as the two firms recognize the need for financial products and services in the region and are preparing to offer an alternative to traditional finance. According to Chainalysis, Latin America is one of the fastest-growing regions for adoption of cryptocurrencies and digital assets — with an expansion rate of 40% year-on-year.

In countries such as Venezuela and Argentina, cryptocurrencies are often a lifeline, enabling people to send and receive money from family overseas and protect against hyperinflation by investing in digital assets to hedge against local currency devaluation.

Cover image from Unsplash, chart from Tradingview