Bitfinex has just announced that it is set to donate 36 Bitcoins (BTC) and 600,000 USD, or approximately $1.4 million in total, to small businesses in El Salvador struggling against the aggressiveness of certain gangs.
According to an official statement, many brands located in the heart of underprivileged areas are regularly extorted money by “street gangs.” As a result, this fund will be used to financially support and encourage these companies in great difficulty, located mainly in the cities of llopango, Soyapango, and Apopa.
On the other hand, this intervention aims to support ecological initiatives by helping certain “green” companies that employ local citizens, in particular, to reduce water pollution or clean up waste in the streets.
In addition, the donation will be made in collaboration with Max Keiser and Stacy Herbert, two precursors of Bitcoin (BTC) who now live in El Salvador.
Additionally, Bitfinex reveals that its Hong Kong-based parent company, iFinex Inc., is currently working with the government of El Salvador to develop a “regulatory framework on digital assets and securities.”
El Salvador is now ranked as the most dangerous country in Latin America, behind Honduras. However, it is also the world’s first country to recognize Bitcoin (BTC) as legal tender.