Digital currency exchange Huobi Global has revealed that it has acquired Bitex, a Latin American crypto platform operating in Argentina, Chile, Paraguay and Uruguay. Huobi detailed that the company is strengthening its presence in Latin America as it believes the region will become one of the most active regions for cryptocurrency adoption in the world.
Huobi aims to strengthen its presence in Latin America, acquires local Bitex exchange
Leading crypto-asset exchange Huobi Global announced on Thursday that it has acquired Latin American cryptocurrency exchange Bitex. Terms of the transaction between Huobi and Bitex have not been disclosed, according to an announcement sent to Bitcoin.com News.
Bitex is an exchange founded in 2014, while Huobi will be the parent company, and the trading platform will retain its existing brand and management team. Bitex provides digital currency services to residents of Argentina, Uruguay, Paraguay and Chile.
“Since Huobi Group first entered the Latin American market, we have seen significant growth and are optimistic about our prospects in the region,” Jeffrey Ma, head of global mergers and acquisitions at Huobi Group, said in a statement. “We are excited to partner with an established company like Bitex as we look to expand our footprint in Latin America. Our partnership will enable more users to use Huobi’s proven security, liquidity and stability trade.”
Bitex will maintain brand and management, CEO believes Huobi will help expand
Bitex will retain its team and brand, while Huobi will integrate the company’s platform with the Bitex system. The integration will enable all Bitex clients to access digital currencies offered by Huobi’s global trading engine.
Huobi has been interested in strengthening its presence in Latin America since its launch in 2019 Huobi Argentina. The company noted that cryptocurrency usage in Latin America has grown from 2019 to 2021 1,370%.
Today, Huobi Global is the fourth-largest exchange by crypto trading volume, and in terms of crypto reserves, Huobi ranks third with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.
“Bitex was established to protect the value of our users’ funds after the major financial crisis in Latin America. After eight years of successful operation, we have grown rapidly, and we believe that our partnership with Huobi Global will not only support our expansion, but It will also help us better serve our customers by enabling them to access a wider range of digital assets on Huobi Global’s platform,” Buero detailed Thursday.
What do you think of Huobi Global’s acquisition of Bitex, a Latin American exchange? Let us know what you think about this topic in the comments section below.
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