Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.”
Bitfinex and Tether Launch Public Fund to Support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. Salvadoran Families Affected by Gang Violence .
El Salvador, which until recently seemed to have become a kind of “cryptoDisney”, where many crypto entrepreneurs traveled to do business, is now living an extreme situation of violence, which began with the wave of murders produced by gang members and the radical measures of the government of Nayib Bukele to combat them. Some 10,000 people have been arrested in this sort of “cleansing” of criminals from the streets and thousands of families are suffering from the extreme insecurity caused by the gangs.
Will be 10,000 in a couple of minutes… https://t.co/otIuh6kDGn
– Nayib Bukele (@nayibbukele) April 12, 2022
Bukele declared a state of emergency two weeks ago. After that the mass arrests began. Although some applaud them and consider them necessary, others have said emphatically that human rights are being violated in these arrests. According to local media, more than 100 complaints have been filed with the National Human Rights Ombudsman’s Office and other social organizations.
The president is so focused on the issue, so much so that he did not go to report to the Miami Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. 2022 , conference where last year he made the big announcement of the adoption of the Bitcoin as legal tender.
The victims of the terrible situation, as always, are the innocent. Many Salvadoran families are ultimately the most affected by what is happening. Faced with this, the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Bitfinex yTetherthe USDT issuer, the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. largest by market an area or arena, online or offline, in which commercial dealings are conducted. capitalization, partnered to launch a cryptocurrency fund to support Salvadoran families.
The two companies reported that have donated 25 BTC (about USD $1 million) to kick off the campaign and hope that many more will join.
It is worth noting that Bitfinex yTether are sister companies and do business in El Salvador. In fact, Bitfinex is one of the companies the government is working with on the bonds. Bitcoin, as announced when the project was first discussed in November 2021: At that time it was said that the bonds would be launched in November 2021. “in the sidechain Blockstream’s Liquid in partnership with Bitfinex and the money will be used to develop the Volcano cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. sector.”
Regarding the reasons for this donation, Paolo Ardoino, CTO at Bitfinex, dijo and Twitter:
Bitfinex and Tether have set up a relief fund to help the families of people affected by gangs in El Salvador.
1/ ???????? ????
Bitfinex and Tether have set up a relief fund to help the families of the people affected by the pandillas in El Salvador.
– Paolo Ardoino (@paoloardoino) April 10, 2022
Además explicó las razones, llamando a la industria cripto a solidarizarse:
Now more than ever, the families of El Salvador need our support… I have seen several leaders from our community knock on the president’s door, take selfies, and publicly announce their support. Now is the time to act. Help gang-affected families > purchase jets and lambos.
Ardoino further explained that these funds “will be deployed in partnership with local government and community groups and will be subject to strict monitoring to ensure fair distribution.”
The call of Bitfinex and Tether
As we said, the companies, in the press release, call on other crypto companies and personalities who have approached President Bukele to present their cryptocurrency business proposals, to now make their contributions in order to help the Central American country in these difficult times.
In the press release they share the following addresses for donations:
Sources: Twitter, Press Release, Bitcoin.com, archivo
Version of DiarioBitcoin
Imagen de Unsplash