Digital currency exchange Huobi Global has revealed that it has acquired Bitex, a Latin American cryptocurrency platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America, as it believes the region will be one of the most active areas of cryptocurrency adoption worldwide.
Huobi aims to increase its presence in Latin America and acquires local exchange Bitex
On Thursday, major cryptocurrency exchange Huobi Global announced that it has acquired Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the agreement between Huobi and Bitex were not disclosed.
Bitex is an exchange that was founded in 2014, and while Huobi is the parent company, the trading platform will retain its current brand and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay and Chile.
“Since Huobi Group entered the Latin American market, we have seen remarkable growth there and are optimistic about our prospects for the region,” Jeffrey Ma, global director 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 presence in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”
Bitex to retain brand and management, CEO believes Huobi will help with expansion
While Bitex will retain its team and brand, Huobi will integrate the company’s platform into the Bitex system. The integration will give all Bitex clients access to digital currencies offered by Huobi Global’s trading engine.
Huobi has been interested in increasing its presence in Latin America since 2019, when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw a 1,370% increase in the use of cryptocurrencies.
Today, Huobi Global is the fourth largest exchange by cryptocurrency trading volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.
“Bitex was founded to protect the value of our users’ money after 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. Huobi. ”, detailed Buero. Thursday.