Crypto exchange Bitfinex has made an undisclosed investment in Chilean crypto exchange OrionX with the aim of expanding its footprint in Latin America, the company said on Tuesday.

Founded in 2017, OrionX offers crypto exchange and wallet services in Chile and has plans to expand to Peru, Colombia and Mexico and surpass one million users by 2024, according to Bitfinex.

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“We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America,” Paolo Ardoino, CTO at Bitfinex, said in a statement. “This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values,” he added.

In 2022, Chilean crypto exchanges registered a growth of up to 50% in stablecoin transactions due to residents’ interest in protecting their assets from recent record inflation and the plunging Chilean peso.

Bitfinex in April was granted El Salvador’s first license for digital asset service providers, allowing the company to issue and offer secondary trading of assets.

Edited by Stephen Alpher.

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Bitfinex Invests in Chilean Crypto Exchange OrionX to Expand Presence in Latin America

Orionx is planning to move into a number of new countries in hopes of surpassing a million users by next year.

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