Bitfinex Acquires Stake in Chilean Crypto Exchange OrionX
Bitfinex, the sister crypto exchange of Tether, announced that it has made an undisclosed investment in OrionX, a Chilean crypto exchange, as part of its strategy to expand its presence in Latin America. Specific details and financial terms of the investment were not disclosed.
Orionx, established in 2017, originally emerged as a crypto exchange. The company went on to become the first cryptobank in the region, offering users a wide range of crypto-related services. Building on its achievements in Chile, a relatively wealthy South American nation, Orionx is now focused on expanding its operations in Peru, Colombia and Mexico. The company has set an ambitious goal of surpassing one million users by 2024.
By partnering with OrionX, Bitfinex aims to strengthen its footprint in the region and tap into the growing crypto market in Latin America.
The move comes months after Coinbase presented its strategy to build a tech hub in Latin America. Following this acquisition, Coinbase’s next steps will be to expand outside of Brazil, hoping to find acquisitions in Chile, Colombia, Mexico, and Argentina.
“Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We strongly believe that their involvement will give a substantial boost to our capital raising activities,” said Joel Vainstein, co-founder of Orionx. “We are confident that their vast experience and proven product portfolio will accelerate our own product development and the expansion of our user base, positioning us as the benchmark in the region.”
After years of legal battles in Chile, cryptocurrency exchanges have been allowed to open bank accounts through a financial institution that has established a protocol to serve such businesses. Chile’s central bank also announced a strategy last year for the potential rollout of its own digital currency as policymakers seek to keep pace with fast-spreading cryptocurrencies.
Bitfinex’s investment in Orionx aligns with its broader strategy to expand its presence in Latin America and other emerging markets. In recent years, the exchange has been actively engaged in initiatives in El Salvador, where Bitcoin has been adopted as legal tender.
Additionally, Bitfinex Securities El Salvador obtained the country’s first digital asset service provider license in April, allowing the issuance and trading of tokenized assets under the innovative Digital Assets Law.
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