On Thursday, the sixth-largest cryptocurrency exchange in the world, Huobi Global, announced its acquisition of the Latin American crypto exchange platform, Bitex.
According to the press release from Bitex, Huobi Global would operate as the parent company but its existing management and branding team would be retained for
The integration will give all Bitex customers access to the digital currencies offered by Huobi Global’s trading platform.
About Huobi Global
Huobi Global is a global blockchain asset financial services provider located in Seychelles. It was founded by Leon Li in 2013.
The global exchange platform allows users to carry out different crypto-related activities including exchange, trade, wallet, and storage.
Although headquartered in Seychelles, Huobi Global now has offices in Singapore, Japan, South Korea, the United Kingdom, and Hong Kong.
It delivers its secure and credible digital asset trading and asset management services to millions of users in over 130 countries.
Huobi Global’s Opinion On Latin America
The global head of mergers and acquisitions of the Huobi Global group, Jeffrey Ma said in a statement:
“Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region. 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.”
jeffrey ma
The Huobi Group first entered Latin America in 2019 when it started Huobi Argentina. They record that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.
Why Huobi Global Chose Bitex
Bitex was founded in 2014 by Francisco Buero and is located in Latin America. They currently operate in Argentina, Chile, Paraguay, and Uruguay.
Latin America has a population of nearly 665 million and ranks fifth in the world for cryptocurrency adoption.
Chainanalysis captured that the region increased its use of cryptocurrency by 1,370% from 2019 to 2021.
Bitex has over 200,000 open accounts and according to CEO, Francisco Buero, this acquisition would help the company’s expansion efforts.
To elaborate, he said:
“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”
ceo, bitex
The Bitex website shows that the exchange supports at least 15 cryptocurrencies, including the stablecoins Tether (USDT), DAI, and USD Coin (USDC). It supports on-ramps from several fiat currencies, including dollars; Argentine, Chilean and Uruguayan pesos; the Paraguayan guaraní, and the Peruvian sol.
Conclusion
Huobi Global has invested in more than sixty upstream and downstream enterprises according to Crunchbase. This acquisition might eventually yield greater results as it is targeted at an emerging economy_ one with a high crypto adoption rate.
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