Huobi Global Acquires Latin American Crypto Exchange Bitex

Huobi Global Acquires Latin American Crypto Exchange Bitex

The digital forex alternate Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi particulars that the corporate is stepping up its presence in Latin America because it believes the area will probably be some of the energetic crypto adoption areas worldwide.

Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange

On Thursday, the main crypto asset alternate Huobi Global introduced the corporate has acquired the Latin American cryptocurrency alternate Bitex. According to the announcement despatched to News, the phrases of the deal between Huobi and Bitex haven’t been disclosed.

Bitex is an alternate that was based in 2014 and whereas Huobi would be the father or mother firm, the buying and selling platform will retain its present branding and administration workforce. Bitex presents digital forex providers to residents positioned in Argentina, Uruguay, Paraguay, and Chile.

“Since Huobi Group first entered the Latin American market, now we have seen exceptional progress there and are bullish on our prospects for the area,” Jeffrey Ma, the worldwide head of mergers and acquisitions at Huobi Group mentioned in a press release. “We are happy to associate with a longtime participant like Bitex, as we glance to develop our footprint in Latin America. Our partnership will allow extra customers to commerce with Huobi’s confirmed safety, liquidity, and stability.”

Bitex to Keep Branding and Management, CEO Believes Huobi Will Help Expansion

While Bitex will hold its workforce and branding, Huobi will combine the corporate’s platform with the Bitex system. The integration will give all Bitex prospects entry to the digital currencies provided by Huobi’s Global’s buying and selling engine.

Huobi has been desirous about stepping up its Latin American presence since 2019, when it launched Huobi Argentina. The firm notes that from 2019 to 2021, Latin America noticed crypto utilization rise by 1,370%.

Today, Huobi Global is the fourth largest alternate by crypto commerce quantity, and by way of crypto reserves, Huobi is the third largest with $11.7 billion in property below administration (AUM). Bitex CEO Francisco Buero believes Huobi will assist the corporate’s enlargement efforts.

“Bitex was based to guard the worth of our customers’ cash, within the wake of main monetary crises in Latin America. Having grown quickly after eight years of profitable operations, we consider our partnership with Huobi Global is not going to solely assist our enlargement but in addition assist us higher serve our prospects, enabling them to entry a broader vary of digital property on Huobi Global’s platform,” Buero detailed on Thursday.

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