Bitfinex and Tether have set up a relief fund to help families in El Salvador affected by gang violence
Both Bitfinex and Tether initially donated 25 Bitcoin to the fund
Donations have grown to 36 Bitcoin, valued at roughly $1.5 million
El Salvador’s President has been committed to the fight against gangs and violence in the country
The popular crypto exchange of Bitfinex and the company of Tether (USDT) has helped raise 36 Bitcoin (BTC) geared towards helping families in El Salvador affected by gang violence. The progress in donations was made public on Twitter by the CTO of Bitfinex and Tether, Paolo Ardoino, who also shared a link to the Bitcoin address where the funds are being held.
Bitfinex and Tether Initially Donated 25 Bitcoin with the Crypto Community Chipping In
At the time of writing, the Bitcoin address currently holds 36.198 Bitcoin valued at approximately $1.5 million using BTC’s current rate of $41k.
Bitfinex and Tether had initially donated 25 Bitcoin ($1 million) towards helping families affected by gang violence in El Salvador. The CTO at both companies, Mr. Ardoino, shared the Bitcoin address in the above tweet for the crypto community to chip in.
He also highlighted President Nayib Bukele’s efforts in pushing for Bitcoin adoption in the country and appealed to the crypto community to assist the families of El Salvador affected by gangs. Mr. Ardoino said:
Since 2021, many #crypto influential people and companies have applauded the heroic fight for financial freedom that @nayibbukele , its govt and its population has initiated, investing in #bitcoin as a better, fair and resilient monetary system for the future of the country.
Now more than ever, the families of El Salvador need our support…
It’s now time to act. Helping families affected by pandillas > buying jets and lambos. If you wish to participate and support the proud population of El Salvador
The funds raised will ‘be deployed in collaboration with the local government and community groups and will be subject to strict monitoring to ensure fair distribution’.
President Bukele Leads the Fight Against Gangs in El Salvador
Two weeks ago, President Nayib Bukele initiated a state of emergency in El Salvador after the country witnessed 62 homicides in a single day.
Since then, President Bukele has led the charge to track and apprehend gang members in the country. He has been sharing the progress of law enforcement on Twitter daily.