As part of its efforts to expand its presence in the fast-growing region, Huobi Global announced on Thursday that it has acquired Bitex, one of the first regional crypto exchanges in Latin America.
In this acquisition, the financial dealings were not revealed.
According to Huobi Global, the integration of Bitex’s exchange operations into Huobi Global’s platform will allow users in Latin America to trade any digital asset offered on Huobi Global. Bitex, on the other hand, will keep its branding and run its business independently under its current management.
Jeffrey Ma, Global Head of M & A at Huobi Group, stated:
“We have seen extraordinary growth in the Latin American market since Huobi Group first entered the market, and we are optimistic about our prospects in the region.” As we strive to expand our influence in Latin America, we’re excited to join forces with an established player like Bitex. More users will be able to trade using Huobi’s proven security, liquidity, and stability as a result of our collaboration.”
“We believe our relationship with Huobi Global will not only boost our expansion but also help us better serve our customers by enabling them to access a greater selection of digital assets on Huobi Global’s platform,” said Bitex CEO Francisco Buero.
Huobi Group made its first foray into Latin America in 2019, when it opened a subsidiary in Argentina, lured by the market’s growing demand for crypto products and services.
Huobi Argentina began allowing local users to trade cryptocurrencies (Bitcoin BTC and Tether USDT) against fiat currencies in 2020 (the Argentine Peso). It launched five payment methods last year to improve the liquidity of the market and the trading experience of its members.
Do you think Huobi Global will succeed in their expansion plan? Comment below.
Read more: Investors to benefit from trades within thailand exchanges with 7% VAT exemption
