{"id":42689,"date":"2023-01-30T11:26:44","date_gmt":"2023-01-30T10:26:44","guid":{"rendered":"https:\/\/coinfomania.com\/?p=42689"},"modified":"2024-04-23T11:24:35","modified_gmt":"2024-04-23T10:24:35","slug":"bitfinex-on-track-to-list-el-salvadors-bitcoin-backed-volcano-token","status":"publish","type":"post","link":"https:\/\/coinfomania.com\/bitfinex-on-track-to-list-el-salvadors-bitcoin-backed-volcano-token\/","title":{"rendered":"Bitfinex On Track to List El Salvador’s Bitcoin-backed Volcano Token"},"content":{"rendered":"

Cryptocurrency exchange, Bitfinex has confirmed<\/a> it is on track to list the Volcano token when El Salvador launches it later this year.\u00a0<\/span><\/p>\n

Bitfinex Chief Technology Officer Paolo Ardoino<\/span> disclosed that the exchange sees sufficient demand for El Salvador’s proposed $1 billion bitcoin bond. He also confirmed that the digital asset trading platform is trying to “make things happen in a more timely fashion.”<\/span><\/p>\n

El Salvador last month <\/span>passed legislation to create<\/span><\/a> her most desired Bitcoin City through its bitcoin-backed Volcano Bond. The Volcano token will be a bitcoin-backed digital asset denominated in dollars. <\/span><\/p>\n

The Volcano token aims to raise capital to pay down sovereign debt, fund Bitcoin city building, and create a bitcoin mining infrastructure in the country. More precisely, El Salvador hopes to use half of the funds to build its proposed Bitcoin City and the remaining $500 million to buy BTC. According to the proposal, proceeds from the bitcoin investment will go to bond investors.<\/span><\/p>\n

Bitfinex Awaits El Salvador’s Local Regulators<\/b><\/h2>\n

The digital securities law passed by the country entailed the formation of a local regulatory body. It would also create a prospectus for intending investors according to the law.\u00a0<\/span><\/p>\n

Ardoino confirmed that Bitfinex would apply for a license to trade Volcano token securities once El Salvador’s local regulatory office is up and running. The exchange will list the long-awaited bitcoin-backed digital asset when it receives a license.<\/span><\/p>\n

Bitfinex has always shown its support for El Salvador’s Bitcoin City since its inception. The exchange <\/span>confirmed in<\/span><\/a> 2021 that it would launch a securities platform for the proposed Bitcoin bonds. Bitfinex also recently donated <\/span>$1.3 million worth of BTC<\/span><\/a> to the bitcoin-friendly nation.<\/span><\/p>\n

Bitcoin City Keeps Gaining Momentum<\/b><\/h2>\n

Once a point of criticism for El Salvador<\/span><\/a> and her bitcoin-loving president, the Volcano token is set to go live soon. President Nayib Bukele <\/span>passed the bill to lawmakers<\/span><\/a>\u00a0last year, and the project has not slowed down since then.<\/span><\/p>\n

The Bitcoin City, which the country intends to build with the proceeds from selling its Bitcoin bonds, has already received international recognition. <\/span>The city’s design, created by Mexican Fernando Romero, has already won the <\/span>prestigious LOOP Designs Award<\/span><\/a> in the Landscape and Urban Design category.<\/span><\/p>\n

The Bitcoin City will be a tax-free coastal town using geothermal energy from a nearby volcano for mining bitcoins.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange, Bitfinex has confirmed it is on track to list the Volcano token when El Salvador launches it later […]<\/p>\n","protected":false},"author":43,"featured_media":24204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1812,5],"tags":[11,1438],"ppma_author":[1787],"class_list":["post-42689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-crypto-news","tag-crypto-news","tag-el-salvador"],"acf":[],"authors":[{"term_id":1787,"user_id":43,"is_guest":0,"slug":"ben","display_name":"Elendu Benedict","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/68c94aad79b1ed3c5cda9eac8b4ef666?s=96&r=g","first_name":"Elendu","twitter":"","instagram":"","linkedin":"","user_url":"","last_name":"Benedict","facebook":"","description":""}],"_links":{"self":[{"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/posts\/42689"}],"collection":[{"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/comments?post=42689"}],"version-history":[{"count":1,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/posts\/42689\/revisions"}],"predecessor-version":[{"id":309633,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/posts\/42689\/revisions\/309633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/media\/24204"}],"wp:attachment":[{"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/media?parent=42689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/categories?post=42689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/tags?post=42689"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/coinfomania.com\/wp-json\/wp\/v2\/ppma_author?post=42689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}