Cryptocurrencies have become a powerful label for the global financial industry. After more than a decade of development, their impact on the financial industry cannot be underestimated, as cryptocurrency believers hope to promote a fairer and freer financial system through cryptocurrencies. stablecoin issuer has been at the forefront of the push for financial freedom.
So, what actions are they setting an example for in the industry by empowering users with undifferentiated financial freedom?
There is a large range of regions and countries around the world that do not have easy access to bank accounts, and users in more impoverished and backward countries or regions are largely unable to afford cross-border transfer fees, a problem that the Bitfinex exchange is well-positioned to solve.
Bitfinex is a cryptocurrency trading platform and moreover a portal to the crypto world for ordinary people. Compared to the restrictions of bank transfers, cross-border transfers and transactions can be easily made within the Bitfinex exchange at any time.
The Bitfinex exchange helps people around the world to gain financial freedom through LNURL payments without having to endure the restrictions and thresholds of banks. Anyone can use the Bitfinex exchange directly through the Lightning Network and send bitcoins to anyone at almost zero cost, facilitating financial interaction between underdeveloped regions and a global scale.
What’s more, we can even do 0 fees for internal account transfers through Bitfinex. This further lowers the threshold for transfers and transactions, and Bitfinex gives less developed regions equal opportunities to transfer money and invest through cryptocurrency.
For many less-developed regions, investment channels are very limited, in the face of the current recession in the world economy, inflation rates in various countries have risen, and even some countries can reach 6% inflation rate in a single month, the money in the hands of the general public will depreciate with inflation even if they do nothing, and want to change to a more stable currency but will be restricted by the exchange rate.
Financial freedom should be embodied not only in the absence of class but also in the absence of borders and serving everyone without political differences.
The Bitfinex exchange firmly defends the borderlessness of finance through cryptocurrencies. While many companies took sanctions against Russia and Russian citizens after the military conflict between Russia and Ukraine earlier this year, including some crypto companies, the Bitfinex exchange firmly defends the rights of ordinary Russian citizens to trade in cryptocurrencies.
Paolo Ardoino, Bitfinex’s Chief Technology Officer, stated during a media interview that “Bitfinex Exchange will not unilaterally freeze the accounts of ordinary Russian customers unless forced to do so, as it would be very unfair to block the accounts of all ordinary Russians because of the conflict between countries, as the government’s actions do not represent the will of individuals.
Over the past centuries, banks and governments have monopolized the entire financial system, limiting the freedom of ordinary people to participate in the financial system, and the scales of financial investment have always tipped in favor of the wealthy, while the emergence of cryptocurrencies has given people hope and the opportunity to break this monopoly. .
At the same time, Bitfinex and Tether are also strong promoters of cryptocurrencies, believing that all people have the freedom to choose cryptocurrencies, that people in poor countries need cryptocurrencies as a basic financial infrastructure, and that countries with the most banks in the world need cryptocurrencies to attract new talent and promote vibrant local economic growth.
Bitfinex CTO had publicly supported the President of El Salvador’s efforts for financial freedom on Twitter, acknowledging the country’s efforts to adopt cryptocurrencies. A relief fund was created in the name of Bitfinex and Tether to help the families of victims of gang violence in the country of El Salvador, with both parties donating a total of 25 BTC (worth over $1 million) to start the fund. The fund received widespread recognition and support from the crypto community as soon as it was released.
Bitfinex and Tether’s donations to El Salvador have not ended, and on June 25, Salvadoran officials announced that entrepreneurs in Soyapango received a donation of $100,000 worth of bitcoin from Bitfinex. The purpose of the donation is to promote the economic development of the region.
Cryptocurrencies have changed many of traditional finance’s limitations and left a strong mark in financial history. Future development will definitely be in the direction of more freedom and fairness. Bitfinex has made contributions to financial freedom through cryptocurrencies in the past that have surpassed those of many companies in the industry and are to a certain extent the industry benchmark.
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