Stablecoin Issuer Tether has announced its strategic investment in Orionx, a Chile-based cryptocurrency exchange that operates in Peru, Colombia and Mexico.
This investment closes Orionx’s Series A Raise, led by Tether. The exchange also raised private amounts in 2023 in a round led by Tether’s sister company Bitfinex.
Tether uses this investment to increase its presence in Latin America, the region with the second highest percentage of unbanked adults. According to chain analysis, the region received approximately $415 billion worth of codes in one calendar year until June 2024.
“By closing Orionx’s Series A round, we are not only supporting impactful companies, but also working on a broader vision of creating financial tools with stubcoins that can be accessed by underserved communities across the region.”
Orionx CEO Joel Vainstein added that the collaboration “marks the “turning point” of the company’s B2B vision and creates “cost-effective solutions for payments, distribution and financial management.”
