Bitfinex launches zero-fee trading for Latin America
Tether’s sister crypto exchange, Bitfinex, launched a new zero-fee trading incentive for market takers on its P2P platform, specifically targeting users in Argentina, Colombia, and Venezuela.
This move, set to last until the end of December, is aligned with the platform’s plans to cater to the rising demand for crypto trading within the Latin American sector.
The Bitfinex P2P system, facilitating direct trading between users without the involvement of intermediaries or third-party holdings, supports an array of fiat currencies, including the Argentine peso (ARS), Colombian peso (COP), and Venezuelan bolivar (VES), in addition to numerous cryptocurrencies.
Typically, market takers, those who accept existing offers, would pay a 0.1% fee on their trades, while market makers, who post new offers, aren’t charged. However, with this initiative, all Bitfinex users can enjoy the benefit of fee-free trading until the year’s end.
Paolo Ardoino, CTO at Bitfinex, said: “We are delighted to introduce zero-fee trading for market takers on our P2P platform in Argentina, Colombia and Venezuela. These are some of the world’s most vibrant and dynamic crypto markets, where we see a huge potential for growth and innovation. By eliminating the trading fees for market takers, we hope to attract more users and liquidity to our platform and foster a more inclusive and accessible crypto ecosystem in Latin America.”
The zero-fee promotion comes a few months after Bitfinex made an undisclosed investment in OrionX, a Chilean crypto exchange, as part of its strategy to expand its presence in Latin America.
Orionx, established in 2017, has originally emerged as a crypto exchange. The company has then evolved into the region’s first cryptobank, providing users with a wide range of crypto-related services. Building on its accomplishments in Chile, a comparatively wealthy South American nation, Orionx is now focused on expanding its operations to Peru, Colombia, and Mexico. The company has set an ambitious target 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.
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 actively engaged in initiatives in El Salvador, where Bitcoin was adopted as legal tender.
Furthermore, Bitfinex Securities El Salvador obtained the country’s first Digital Asset Service Provider license in April, enabling the issuance and trading of tokenized assets in compliance with the innovative Digital Assets Law.