Stablecoin company Tether announced its strategic investment in Chilean digital asset exchange Orionx, according to an official press release. The company operates across Chile, Peru, Colombia, and Mexico and plans to integrate cryptocurrencies into B2B and retail businesses. This latest investment closes Orionx’s Series A funding round, which was led exclusively by Tether.
The funding will allow Orionx to consolidate its operations in the LATAM region and scale its infrastructure for remittances, payment collection, and treasury services. As per Chainalysis, the LATAM region received approximately $415 billion in cryptocurrency from June 2023 to June 2024.
“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. Orionx is expanding access to digital assets in LATAM and building meaningful pathways for individuals and businesses to engage with the global economy in a stable, transparent, and efficient way,” said Tether’s CEO, Paolo Ardoino
“We are proud to have been chosen as part of Tether’s portfolio of companies and a collaborator for the LATAM region. Establishing this strategic collaboration between Orionx and Tether marks a turning point in our B2B vision: we see exponential growth in the number of companies seeking faster and more cost-efficient solutions for payment collection, distribution, and treasury management across the region. Having Tether, the undisputed global leader in stablecoins, by our side will allow us to accelerate this path with digital, flexible, and scalable solutions,” said Orionx’s CEO, Joel Vanstein.
The LATAM region remains largely unbanked, offering fintech firms an opportunity to cater to customers without access to proper banking systems. According to World Bank data analysed by BCG, 42% of adults in Latin America don’t have a credit card. Mastercard and AMI data show that less than a third of adults have access to loans and investments.