Huobi Global, the digital currency exchange, has announced that it has acquired Bitex. Bitex is a Latin American cryptocurrency platform that operates in Argentina Chile Paraguay Uruguay. Huobi explains that the company will increase its presence in Latin America because it believes this region will be one the most active areas for crypto adoption worldwide.
Huobi aims to increase its presence in Latin America by acquiring a local bitex exchange
The leading cryptocurrency asset exchange Huobi Global announced Thursday that it had acquired Bitex, a Latin American cryptocurrency exchange. The terms of the deal between Huobi Global and Bitex were not disclosed according to an announcement sent to Bitcoin.com News.
Bitex, an exchange, was established in 2014. Huobi will become the parent company. However, Bitex will keep its branding and management team. Bitex provides digital currency services for residents in Argentina, Uruguay and Paraguay.
Jeffrey Ma, global head of mergers & acquisitions at Huobi Group, stated in a statement that “Since Huobi Group entered the Latin American marketplace, we have seen remarkable growth and are bullish about our prospects for this region.” We are happy to partner with Bitex as we seek to expand our presence in Latin America. With Huobi’s stability, liquidity, and security, more people will be able to trade with us.
Bitex will keep branding and management, CEO believes Huobi will help expansion
Bitex will retain its branding and team, but Huobi will integrate Bitex’s platform with Huobi’s system. All Bitex customers will have access to Huobi’s Global trading engine’s digital currencies through the integration.
Since its 2019 launch of Huobi Argentina, Huobi has been keen to increase its Latin American presence. According to the company, Latin America witnessed crypto usage increase by 1,370% between 2019 and 2021.
Huobi Global is currently the fourth-largest crypto exchange in terms of volume and Huobi is third in terms crypto reserves with $11.7 billion assets under management (AUM). Francisco Buero, Bitex CEO, believes that Huobi will be a great asset to the company’s growth efforts.
“Bitex was created to safeguard the value of our users’ money in the face of major financial crises across Latin America. After eight years of success, our company has grown quickly and we believe that our partnership with Huobi Global will help us expand our business as well as better serve our customers. This will allow them to access a wider range of digital assets through Huobi Global’s platform,” Buero explained on Thursday.
