The post Bitget Rides El Salvador’s Bitcoin Wave, Capitalizes on $362M Profit appeared on BitcoinEthereumNews.com.

Leading crypto exchange Bitget has reached a critical milestone for itself as it is the very first digital asset trading platform that has been granted a license to be a Bitcoin Service Provider via El Salvador’s Central Bank. The exchange announced this following President Nayib Bukele revealing El Salvador’s BTC holdings made an unrealized profit of $362 million. The milestone of the exchange receiving a license as a service provider of the largest cryptocurrency comes amid rising returns on the amount of BTC held by El Salvador. Bitget Licensing Coincides with El Salvador’s Growing Bitcoin Profits On December 16, Bitget received a license of a Bitcoin Service Provider (BSP) from El Salvador’s central reserve bank, thereby authorizing it to provide different services based on BTC within the country. It includes the right to exchange fiat currencies, using it for various forms of payment and also offering secure custody. The same day, President Nayib Bukele revealed that the country‘s BTC holdings notched an unrealized profit of around $362 million. According to Bukele, the country had invested around $270 million. The valuation for its 6,188 BTC holdings currently stands over $632 million. This happened at the same time the currency reached its new all-time high surpassing $107K. 😌 pic.twitter.com/w9FrMmCkwi — Nayib Bukele (@nayibbukele) December 16, 2024 While the financial gains highlight the potential of El Salvador’s Bitcoin strategy, skepticism from global institutions remains. Reports indicate the country is negotiating a $1.3 billion loan with the IMF. IMF could recommend changes to the country’s Bitcoin law, leading to significant regulatory shifts. The BSP license granted to Bitget enables it to offer unique BTC-related services under local regulations. These services include Bitcoin-to-fiat exchanges, facilitating crypto payments, and secure custody solutions for traders. First Exchange to Obtain the License of BTC Service Provider in El Salvador…

---

Filed under: News - @ December 17, 2024 8:16 am