TL;DR Breakdown
- Bitfinex has launched ‘Bitfinex P2P,’ a peer-to-peer platform for cryptocurrency trading in Venezuela, Argentina, and Colombia.
- The platform enables users to buy and sell Bitcoin, Ethereum, and Tether tokens directly with each other outside of the Bitfinex platform.
- Bitfinex’s expansion into Latin America aligns with its commitment to promoting financial freedom and inclusion, following previous regional investments and initiatives.
Description
Bitfinex, one of the first crypto, is making significant strides in Latin America with the launch of its peer-to-peer (P2P) platform, Bitfinex P2P. The platform aims to provide financial freedom and inclusion to Venezuela, Argentina, and Colombia users. By directly facilitating the buying and selling of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Tether tokens … Read more
Bitfinex, one of the first crypto, is making significant strides in Latin America with the launch of its peer-to-peer (P2P) platform, Bitfinex P2P. The platform aims to provide financial freedom and inclusion to Venezuela, Argentina, and Colombia users. By directly facilitating the buying and selling of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Tether tokens (USDt and EURt), and Tether Gold (XAUt), Bitfinex P2P empowers customers to engage with the marketplace in a convenient and secure manner.
The launch of Bitfinex P2P represents a strategic move by Bitfinex to expand access to digital asset-related financial services in Latin America. This follows the company’s recent investment in Chilean “cryptobank” OrionX and its active involvement in El Salvador, where Bitcoin has been adopted as legal tender.
Bitfinex has worked closely with organizations like Mi Primer Bitcoin to promote financial education and support local businesses. Furthermore, in April 2023, Bitfinex Securities became the first international digital asset platform to be licensed under El Salvador’s Digital Assets issuance law, enabling it to facilitate digital asset financing for various entities.
Bitfinex P2P: A customer-centric trading platform
Bitfinex P2P offers a streamlined and customer-centric trading experience. The platform operates through a two-stage process. First, a user creates an advertisement (Ad) signaling their intent to exchange a supported token either for fiat currency or another cryptocurrency. This user is referred to as the “Maker.” These ads are publicly visible on the Ad Board. Other customers, known as “Takers,” can then review the ads and choose to engage in a trade based on the conditions defined by the Maker in the ad.
To enhance security and build trust among users, Bitfinex P2P includes a public profile view within the Bitfinex P2P Marketplace. This feature lets buyers and sellers access important transaction details and statistics about potential counterparties before proceeding with a trade. Information such as Average Payment Time, Trading Volume, Trading Counts, and more is available, providing additional peace of mind and facilitating informed decision-making.
Future developments and commitment
Bitfinex has demonstrated its commitment to financial freedom and inclusion across Latin America through various initiatives. The company plans to launch a mobile version of Bitfinex P2P later this year, enabling users to buy and sell cryptocurrencies on the go. Additionally, Bitfinex continues exploring new features to enhance the overall customer experience on the platform.
With the launch of Bitfinex P2P, Bitfinex aims to fill the void left by the closure of prominent P2P marketplaces LocalBitcoins and Paxful, which were widely used by crypto enthusiasts in Latin America. By providing a reliable and efficient P2P trading platform, Bitfinex hopes to offer users maximum convenience, catering to their diverse needs and preferences.
Bitfinex’s expansion in Latin America strengthens its position in the region and aligns with its global mission to promote the transformative power of cryptocurrencies and innovative financial technologies.
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