Crypto News

Huobi acquired Latin American-based exchange Bitex

Huobi Global — a formerly China-based exchange — is expanding its continental footprint by buying Bitex, a crypto platform that’s the first Bitcoinstock exchange in Latin America. However, neither party disclosed any financial details regarding the acquisition.

  • Huobi Global announced that it has acquired Latin American-based exchange Bitex, but the Asian giant did not provide details about the purchase.
  • Founded in 2014, Bitex operates in Argentina, Chile, Paraguay and Uruguay. The company will join Huobis
  • Platform that allows its clients to trade on Huobi’s platform according to the official release. Meanwhile, Bitex will keep its own branding and management team after the integration.
  • The release highlighted the move as a crucial step in entering the Latin American market, as the region — which accounts for between 8% and 10% of global crypto activity — has seen tremendous growth in digital asset adoption in recent years. A study of BlockchainAnalysis company Chainalysis has shown that using cryptocurrencies increased by 1,370% from 2019 to 2021.
  • Caleb Lim, senior investment manager at Huobi Group, commented on the new acquisition as a new opportunity to offer financial services to the unbanked in the region. Huobi will add more local currencies to support user needs and work with local partners, he said.

“Currently, only about half of the Latin American population has bank accounts. Through this acquisition, Huobi Global hopes to cater to this growing appetite for alternative financial services through blockchain technology.”

  • Bitex CEO Francisco Buero said the new partnership will facilitate expansion as users can access a variety of digital assets on Huobi’s platform.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button