Tether And Bitfinex Donated 25BTC To Aid El Salvadoran Families

Tether and bitfinex donated 25 BTC to aid the El Salvadoran families that are under attack from gang murders so let’s find out more in our latest Tether news.

Tether and Bitfinex donated $1 million in BTC to families in El Salvador that are affected by the ongoing gang murders. The exchange in collaboration with USDT issuer Tether launched a digital asset fund and donated more than $1 million in BTC to help the families in El Salvador affected by the gang violence in the country. The Bitfinex chief technology officer Paolo Ardoino said that the company partnered with Tether to support the people in El Salvador who were hit by violence by gangs in the country.

Both Tether and Bitfinex created a crypto relief fund to support victims and also have contributed 25 BTC worth over $1 million at the time of writing to bootstrap the initiative. As per Arduino, the families in El Salvador are in a strogn need of support from the crypto community. The Bitfinex CTO said:

“Over the past months, 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.”

Ardoino urged people to make crypto donations while saying that the firms will partner with the local government and the community groups will ensure that the donations will be distributed under strict monitoring. The Bitfinex executive revealed that up to $2 million in BTC were donated to assist El Salvador Families affected by gang violence. Back in April, there were 62 deaths that the government connected to criminal gangs, and one day, in particular, was considered the most violent day in almost 30 years. The country’s parliament also approved a state of emergency the next day. Earlier in April, president Nayib Bukele wrote a letter stating that he will not be attending the BTC 2022 conference due to “unforeseen circumstances” in the country that require his presence.

Bukele employed severe measures to crackdown on the spike in gang-related violence and he tweeted that the authorities captured more than 10,500 terrorists in the past 18 days.

Speaking of Tether, the biggest stablecoin by market cap Tether launched USDT on the Kusama network. According to the press release, USDT will be deemed with the asset ID 1984 and will be utilized to power transactions on the Kusama first parachain Statement. The parachain enables the deployment of the assets like tokenized artwork and stablecoins on the Kusama network and will provide a cost-effective way and address concerns related to security as well as blockchain interoperability.