LATAM continues to expand in terms of the cryptocurrency scene.
This week the highlights were the impressive rise of Orionx gaining $1 billion in transaction volumes.
On the other hand, Bitfinex Derivatives, the derivatives segment of the cryptocurrency exchange Bitfinex, has revealed its decision to shift to El Salvador strategically after it received the Digital Asset Service Provider (DASP) license.
The rise of Chilean Orionx crypto exchange
Orionx, the Chilean cryptocurrency exchange, closed the year with over $1 billion in total transaction volume, mainly due to its institutional business segment.
The company demonstrated its successful international growth by expanding into other countries that contributed to 50% of the total revenue, as stated in an official letter to Cointelegraph in Español.
Co-founder Joel Vainstein pointed out that the closing of the year above $1 billion is seen as a milestone that highlights the growing acceptance of Bitcoin by regional institutions as a means of protection against economic fluctuations.
The effect of Bitcoin in 2024 has been pronounced, and, thus, the cryptocurrency ecosystem in Latin America has transformed its positioning to one that is both an investment vehicle and a measure of economic stability and of freedom in a tough environment.
The increasing will to accumulate Bitcoin speaks of its significance accreting, especially amid extraordinary market highs.
Vainstein stated that he is proud of being part of this watershed moment in cryptocurrency’s history, which shows the opportunity of Bitcoin and other digital currencies as the means to the liberation of society and the economic transformation.
Planning for 2025, Orionx is going to increase its service portfolio and the functionality of its platform, targeting the second billion in transaction volume backed up by advanced B2B business lines.
The 70% of the growth expected to come from international operations increases the company’s commitment to drive regional total income, improve penetration in the ever-changing cryptocurrency market and provide better services and products.
Bitfinex derivatives gains license in El Salvador: what’s next?
The inception of a new financial hub in Latin America, Bitfinex Derivatives, the derivatives segment of the cryptocurrency exchange Bitfinex, has revealed its decision to shift to El Salvador strategically after it received the Digital Asset Service Provider (DASP) license.
This action indicates a remarkable change in the company’s destiny and reaffirms El Salvador’s ambition of becoming a financial service hub in the continent’s southern region.
In a press release on January 7, Bitfinex Derivatives announced this significant development, stressing that the company has been approved to work in the Central American country with the DASP license.
Paolo Ardoino, CTO of Bitfinex Derivatives, described the project to Cointelegraph as a watershed event, stating:
This vital move is a milestone for Bitfinex Derivatives and symbolizes El Salvador’s emergence as a global financial centre.
Over 285,000+ Peruvians Join Lemon App Amid LATAM Crypto Boom
In a boost for Latin America’s crypto sector, over 285,000 Peruvians have adopted the Lemon app since its launch in August 2024.
This rapid growth coincides with Bitcoin’s surge to $100,000 by December 2024 and the Central Bank of Peru’s initiatives to improve financial interoperability.
Lemon’s popularity stems from its user-friendly features, allowing seamless currency swaps between soles and cryptocurrencies.
Users also earn Bitcoin rewards for daily purchases, such as groceries or coffee, making cryptocurrency accessible for everyday transactions.
The app’s QR code payments and phone-based transfers simplify the process for users unfamiliar with crypto, driving its widespread appeal.
During its launch week, Lemon became the top finance app in Peru, a trend that continued throughout 2024.
The app processed over $90 million in soles transactions within the year, highlighting its growing role in the local financial landscape.
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