Huobi Global, the digital currency exchange, has announced that it acquired Bitex. Bitex is a Latin American cryptocurrency platform, with operations in Argentina, Chile and Paraguay. Huobi says that Huobi is expanding its presence in Latin America because it thinks the region will be the largest crypto adoption area.
Huobi aims to increase its presence in Latin America by acquiring a local bitex exchange
The leading cryptocurrency asset exchange Huobi Global has announced that it had acquired Bitex, a Latin American cryptocurrency exchange. The terms of the agreement between Huobi Global and Bitex were not disclosed according to an announcement that was sent to Bitcoin.com News.
Bitex was established in 2014. Huobi will become the parent company. However, Bitex will keep its branding and current management team. Bitex provides digital currency services for residents in Argentina, Uruguay and Paraguay.
“Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region,” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement. “We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”
Bitex Will Keep Branding and Management. CEO Believes Huobi Can Help With Expansion
While Bitex will keep its team and branding, Huobi will integrate the company’s platform with the Bitex system. The integration will give all Bitex customers access to the digital currencies offered by Huobi’s Global’s trading engine.
Since Huobi Argentina was launched in 2019, Huobi Argentina has had a keen interest to expand its Latin American presence. Huobi notes that crypto usage in Latin America increased 1,370% from 2019-2021.
Huobi Global currently ranks fourth in crypto trading volume. Huobi Global also has $11.7 billion of assets under management. Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.
“Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform,” Buero detailed on Thursday.
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