Huobi Global Acquires Latin American Crypto Exchange Bitex

The digital currency exchange Huobi Global has disclosed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America because it believes the region is one amongst the foremost active crypto adoption areas worldwide.

Huobi Aims to maximize Its Presence in Latin America, Acquires Native Bitex Exchange

On Thursday, the leading crypto quality exchange Huobi Global declared the corporation has acquired the latin american cryptocurrency exchange Bitex. consistent with the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex haven’t been disclosed.

Bitex is an exchange that was supported in 2014 and whereas Huobi are the parent company, the commerce platform can retain its current disapproval and management team. Bitex offers digital currency services to residents in Argentina, Uruguay, Paraguay, and Chile.

“Since Huobi group initially entered the occupier market, we’ve seen exceptional growth there and square measure optimistic on our prospects for the region,” Jeffrey Ma, the world head of mergers and acquisitions at Huobi group aforesaid in an exceedingly statement. “We square measure happy to partner with a longtime player like Bitex, as we glance to grow our footprint in Latin America. Our partnership can change additional users to trade with Huobi’s tested security, liquidity, and stability.”

Bitex to stay disapproval and Management, CEO Believes Huobi can facilitate enlargement

While Bitex can keep its team and disapproval, Huobi can integrate the company’s platform with the Bitex system. The mixing can provide all Bitex customers access to the digital currencies offered by Huobi’s Global’s commerce engine.

Huobi has been fascinated by stepping up its occupier presence since 2019, once it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.

Today, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion in assets below management (AUM). Bitex CEO Francisco Buero believes Huobi can facilitate the company’s enlargement efforts.

“Bitex was supported to guard the worth of our users’ cash, within the wake of major money crises in Latin America. Having big apace once eight years of thriving operations, we have a tendency to believe our partnership with Huobi international won’t solely support our enlargement however additionally facilitate U.S.A. higher serve our customers, sanctionative them to access a broader vary of digital assets on Huobi Global’s platform,” Buero careful on Thursday.