Huobi Expands its Latin America Footprint By Acquiring the Bitex Crypto Exchange

Fast take:

• Huobi International has introduced the acquisition of Bitex to develop its presence within the Latin America area that continues to embrace crypto.
• Bitex, based in 2014, is without doubt one of the first regional crypto exchanges in Latin America, offering companies in Argentina, Chile, Paraguay, and Uruguay.
• Huobi will combine Bitex operations into its platform, with the latter retaining its model and working independently.

The globally acknowledged digital belongings platform of Huobi International has announced the acquisition of the crypto change of Bitex to develop its presence within the Latin America area. Bitex is without doubt one of the first crypto exchanges in Latin America, having been based in 2014, and has an intensive consumer community in Argentina, Chile, Paraguay, and Uruguay.

Latin America Has a Considerably Greater Crypto Adoption Fee

In accordance with the group at Huobi, the crypto progress and adoption fee skilled in Latin America is certainly one of a form, experiencing a 1,370% rise between 2019 and 2021. Moreover, the area has over 665 million residents, with Venezuela and Argentina main the remainder within the 2021 international crypto adoption index printed by Chainalysis.

Jeffrey Ma, International Head of M&A at Huobi Group, additional elaborated on the area’s significance in crypto adoption by the next assertion.

Since Huobi Group first entered the Latin American market, we have now seen exceptional progress there and are bullish on our prospects for the area.

We’re happy to accomplice 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 Be Built-in into Huobi, However to be Run Independently

With the brand new acquisition, Huobi International vegetation to combine the crypto change operations of Bitex into its personal, thus permitting the latter’s present prospects to entry Huobi’s big range of digital asset choices. As soon as the mixing is full, Bitex will proceed to be run independently by its present administration group and retain its model identification.

Bitex CEO Francisco Buero went on so as to add that the brand new acquisition will permit the change to serve its prospects within the area higher. He stated:

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 International won’t solely help our enlargement, but additionally assist us higher serve our prospects, enabling them to entry a broader vary of digital belongings on Huobi International’s platform.

Moreover, Huobi International’s robust observe document in safety will assist safeguard our essential mission as we proceed to function as a borderless change.