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

Quick take:

  • Huobi Global has actually revealed the acquisition of Bitex to broaden its existence in the Latin America area that continues to welcome crypto.
  • Bitex, established in 2014, is among the very first local crypto exchanges in Latin America, offering services in Argentina, Chile, Paraguay, and Uruguay.
  • Huobi will incorporate Bitex operations into its platform, with the latter maintaining its brand name and running separately.

The worldwide acknowledged digital possessions platform of Huobi Global has actually revealed the acquisition of the crypto exchange of Bitex to broaden its existence in the Latin America area. Bitex is among the very first crypto exchanges in Latin America, having actually been established in 2014, and has a comprehensive user network in Argentina, Chile, Paraguay, and Uruguay.

Latin America Has a Significantly Higher Crypto Adoption Rate

According to the group at Huobi, the crypto development and adoption rate experienced in Latin America is among a kind, experiencing a 1,370% increase in between 2019 and2021 The area has over 665 million homeowners, with Venezuela and Argentina leading the rest in the 2021 international crypto adoption index released by Chainalysis.

Jeffrey Ma, Global Head of M&A at Huobi Group, more elaborated on the area’s significance in crypto adoption through the following declaration.

Since Huobi Group initially got in the Latin American market, we have actually seen exceptional development there and are bullish on our potential customers for the area.

We are delighted to partner with a recognized gamer like Bitex, as we aim to grow our footprint in Latin America. Our collaboration will allow more users to trade with Huobi’s tested security, liquidity, and stability.

Bitex to Be Integrated into Huobi, But to be Run Independently

With the brand-new acquisition, Huobi Global plants to incorporate the crypto exchange operations of Bitex into its own, therefore permitting the latter’s existing consumers to gain access to Huobi’s broad selection of digital possession offerings. As soon as the combination is total, Bitex will continue to be run separately by its existing management group and keep its brand name identity.

Bitex CEO Francisco Buero went on to include that the brand-new acquisition will enable the exchange to serve its consumers in the area much better. He stated:

Bitex was established to secure the worth of our users’ cash, in the wake of significant monetary crises in Latin America.

Having proliferated after 8 years of effective operations, our company believe our collaboration with Huobi Global will not just support our growth, however likewise assist us much better serve our consumers, allowing them to access a wider series of digital possessions on Huobi Global’s platform.

Additionally, Huobi Global’s strong performance history in security will assist protect our essential objective as we continue to run as a borderless exchange.

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