One of the main bitcoin and cryptocurrency exchanges in the world, Huobi, has acquired one of the pioneers of this market in Latin America: the Bitex exchange platform, from Argentina.
This was revealed by both companies through a press release received by CriptoNoticias on the morning of this Thursday, May 26. Huobi Global thus seeks to move forward and “expand its presence in the fast-growing region,” the statement highlights.
The terms of the agreement are kept confidential. so the economic details of the exchange’s acquisition were not disclosed. It was announced, however, that “Bitex will retain its brand and continue to be managed independently by its current team.”
With a presence in Argentina, Chile, Paraguay and Uruguay, Bitex covers an important part of the Latin American market. Huobi’s intention is integrate the operations Bitex with its own platformsomething that would allow Latin American users to “exchange all available digital assets on Huobi Global.”
In its statement, the exchange of Asian origin highlighted the potential of the Latin American market, due to its high levels of cryptocurrency adoption. Huobi, which entered the region’s market in 2019 with Huobi Argentina, hopes to expand its presence in an area where they have identified “remarkable growth.”
The region has a “growing appetite” for alternatives, says Huobi
Caleb Lim, senior investment manager at Huobi Group, said that given the low levels of banking in the region, Latin American citizens have a “growing appetite for alternative financial services through blockchain technology” that the company hopes to satisfy with this acquisition. .
For his part, Jeffrey Ma, global director of mergers and acquisitions at Huobi Group, said the company is optimistic about the region. Thus, celebrate that Latin American users have more access to their exchange platformthrough Bitex.
“Having grown rapidly after eight years of successful operations, we believe that our partnership with Huobi Global will not only support our expansion, but also help us better serve our clients by allowing them to access a broader range of digital assets on the platform. from Huobi Global. Additionally, Huobi Global’s strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange.”
Francisco Buero, CEO of Bitex
Indeed, the Latin American market has shown great growth in recent years. Countries like Venezuela, Colombia and Argentina appear among those with the highest adoption of cryptocurrencies according to the indices of the Chainalysis firm that we have reviewed in CriptoNoticias. Therefore, it is not surprising that more and more foreign companies are approaching the region.