Facebook Twitter Instagram
    Twitter
    BitByteNews
    Subscribe
    • Home
    • Contact
    BitByteNews
    Home»Featured»Bitfinex and Tether Launch Joint Venture to Support Salvadoran Families Affected by Gang Violence

    Bitfinex and Tether Launch Joint Venture to Support Salvadoran Families Affected by Gang Violence

    The News DeskBy The News Desk15 April 20223 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bitfinex, a cryptocurrency exchange, and Tether, issuer of USDT, the largest stablecoin by market cap, have partnered to launch a cryptocurrency fund to support Salvadoran families affected by gang violence. The two companies have donated 25 BTC to start the initiative, and expect many more will join. The President of El Salvador, Nayib Bukele, declared a state of emergency two weeks ago.

    Bitfinex and Tether Bootstrap Charity Campaign for Salvadoran Families

    Bitfinex and Tether are worried about the destiny of the Salvadoran people. The two companies have recently announced a crypto fund directed to help Salvadoran families affected by the violence happening in the country. This has been caused by the exacerbation of gang violence that started two weeks ago, when on March 26 more than 60 Salvadorans died as a consequence of gang violence.

    The two companies have already bootstrapped the aforementioned fund with 25 BTC, almost $1 million at the time of the donation, and expect many more will follow this initiative. On the motives for this donation, Paolo Ardoino, CTO of Bitfinex, stated:

    Now more than ever, the families of El Salvador need our support … I have seen a number of leaders from our community knocking on the president’s door, taking selfies, and publicly announcing support. It’s now time to act. Helping families affected by pandillas > buying jets and lambos.

    Paolo Ardoino, CTO of Bitfinex

    Ardoino further explained that these funds “will be deployed in collaboration with the local government and community groups and will be subject to strict monitoring to ensure fair distribution.”

    Nayib Bukele Hit by the Crisis

    President Nayib Bukele has been hit by this crisis, having to suspend his participation in Bitcoin 2022, the conference where he announced that El Salvador would adopt Bitcoin as legal tender last year. Bukele has made controversial choices to try to stop this situation. Just in March, more than 80 citizens died as a result of gang clashes all around the country. This prompted Bukele to suspend constitutional warranties, declaring a state of emergency.

    In the end, this has resulted in more than 9,000 individuals apprehended against a backdrop of concern from the international community about arbitrary detentions. According to local media, more than 100 complaints about this kind of action have been presented to the National Office for the Defense of Human Rights and other social organizations.

    Bukele has also been criticized for pushing a law that makes it illegal to spread any symbol or idea promoted by gangs, which has been qualified as censorship by several personalities, including U.S. State Secretary Anthony Blinken.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    The News Desk

      Related Posts

      Binance Explained – How to earn interest on your holdings

      26 April 2022

      This week in Bitcoin – Traders warn of $30K price target

      18 April 2022

      Biden announces plan to nominate former Ripple advisor Michael Barr as the Federal bank oversight chief

      15 April 2022
      Popular

      Binance Explained – How to earn interest on your holdings

      26 April 2022

      Fantom price analysis – Traders brace after April’s 30% decline

      18 April 2022

      This week in Bitcoin – Traders warn of $30K price target

      18 April 2022

      Madeira not to make Bitcoin legal tender

      17 April 2022

      Biden announces plan to nominate former Ripple advisor Michael Barr as the Federal bank oversight chief

      15 April 2022

      $48M NFT – ‘Jack Dorsey’s First Tweet’ Ends With a Top Bid of Just $280

      15 April 2022

      Sanctioned crypto wallet addresses blocked from popular Ethereum mixer Tornado Cash

      15 April 2022

      Get Your Weekly Crypto Updates

      Every week, the latest crypto news, straight to your inbox.

      Coin Updates
      {{crypto.name}}
      {{crypto.abbrev}}
      {{new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD' }).format(crypto.current_price)}}
      {{parseFloat(crypto.price_change_percentage_24h).toFixed(2)}}% / 24hrs
      Follow Us
      Twitter
      More
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Advertise on BitByteNews
      Stay Up To Date

      Subscribe for Crypto Updates

      Get the crypto news straight to your inbox.

      © 2022 BitByteNews
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Advertise on BitByteNews

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
      Cookie SettingsAccept All
      Manage consent

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
      cookielawinfo-checkbox-analytics1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category .
      cookielawinfo-checkbox-functional1 yearThe cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checkbox-necessary1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category .
      cookielawinfo-checkbox-others1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Others".
      cookielawinfo-checkbox-performance1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Performance".
      CookieLawInfoConsent1 yearRecords the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
      elementorneverThis cookie is used by the website's WordPress theme. It allows the website owner to implement or change the website's content in real-time.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      CookieDurationDescription
      _ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
      _ga_K9HNFD0JMZ2 yearsThis cookie is installed by Google Analytics.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT
      Powered by CookieYes Logo