Stablecoin issuer Tether has announced a strategic investment in Orionx, a cryptocurrency exchange based in Chile that operates in Peru, Colombia, and Mexico.
The investment closes Orionx’s Series A raise, which was led by Tether. The exchange also raised an undisclosed amount in 2023 in a round led by Bitfinex, Tether’s sister company.
Tether will use the investment to enhance its presence in Latin America, a region that has the second-highest proportion of unbanked adults. The region also received nearly $415 billion worth of crypto in a one calendar year until June 2024, according to Chainalysis.
“By closing Orionx’s series A round, we are not only supporting a high-impact company but also advancing our broader vision of making stablecoin-powered financial tools accessible to underserved communities across the region,” said Paolo Ardoino, Tether’s CEO in a blog post.
Joel Vainstein, Orionx’s CEO, added that the collaboration “marks a turning point” in the company’s B2B vision and that it will produce more “cost-efficient solutions for payment collection, distribution and treasury management.”