Huobi Global increases its presence in Latin America with the acquisition of Bitex

Huobi Global increases its presence in Latin America with the acquisition of Bitex

Huobi Global, one of the world’s leading digital asset exchanges, today announced the acquisition of Bitex, a regional cryptocurrency exchange in Latin America, in order to expand its presence in the fast-growing region.. The terms of the agreement are confidential and were not disclosed.

Founded in 2014, Bitex has an extensive network in Argentina, Chile, Paraguay and Uruguay. Huobi Global plans to integrate Bitex exchange operations with the Huobi Global platform, which will allow users in Latin America to exchange all digital assets available on Huobi Global. After the integration, Bitex will retain its brand and continue to be managed independently by its current management team.

“Since Huobi Group first entered the Latin American market in 2019, we have seen remarkable growth there and are optimistic about our prospects for the Latin American region. We are pleased to partner with an established player like Bitex as we look to grow our presence.” in Latin America. This acquisition will enable more users to trade with Huobi’s proven security, liquidity, and stability.” said Jeffrey Ma, global director of mergers and acquisitions at Huobi Group.

With a population of almost 665 million, Latin America ranks fifth in the world in cryptocurrency adoption and consistently captures between 8% and 10% of global cryptocurrency activity. The region saw cryptocurrency usage increase by 1,370% from 2019 to 2021, with Venezuela and Argentina ranking 7th and 10th, respectively, in the 2021 Global Cryptocurrency Adoption Index published by Chainalysis.

Caleb Lim, senior investment manager at Huobi Group, added: “Currently, only about half of the population in Latin America has bank accounts. Through this acquisition, Huobi Global hopes to satisfy this growing appetite for alternative financial services through blockchain technology. We intend to add more local fiat currencies and work with local partners to expand our ecosystem in Latin America.”

A report analyzes crypto applications from Argentina: which ones have better rates, performance and usability

Read:  Top-tier NFT prices continue to rise nearly a week after The Otherside minted

Bitex CEO Francisco Buero said: “Bitex was founded to protect the value of our users’ money, following the major financial crises in Latin America. 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 trading platform. HuobiGlobal. Additionally, Huobi Global’s strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange.”

Huobi Group marked its first foray into Latin America with the launch of Huobi Argentina in 2019, attracted by the growing demand for cryptocurrency-related products and services in the market.. In 2020, Huobi Argentina introduced fiat-crypto pairing between the Argentine peso and Bitcoin (BTC) and Tether (USDT). Last year, it also added five payment methods to improve the trading experience for users and increase the liquidity of its market.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.