Digital currency exchange Huobi Global has revealed that it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay and Uruguay. Huobi clarifies that the company is stepping up its presence in Latin America as it believes the region will be one of the hottest crypto adoption hotspots in the world.
Huobi aims to strengthen its presence in Latin America and acquires Local Bitex Exchange
On Thursday, leading crypto-asset exchange Huobi Global announced that the company had acquired Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex were not disclosed.
Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile.
“Since Huobi Group first entered the Latin American market, we have experienced remarkable growth there and are optimistic about our prospects for the region,” said Jeffrey Ma, global head of mergers and acquisitions at Huobi. Group, in a press release. “We are excited to partner with an established player like Bitex, as we seek to grow our presence in Latin America. Our partnership will allow more users to trade with the proven security, liquidity and stability of Huobi.
Bitex will retain branding and management, CEO believes Huobi will help with expansion
While Bitex will retain its team and brand image, Huobi will integrate the company’s platform with the Bitex system. The integration will allow all Bitex customers to access the digital currencies offered by Huobi’s Global trading engine.
Today, Huobi Global is the fourth-largest exchange by crypto trading volume, and by crypto reserves, Huobi is third with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.
“Bitex was founded to protect the value of our users’ money, following major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe that our partnership with Huobi Global will not only support our expansion, but will also help us better serve our clients, allowing them to access a wider range of assets. on Huobi Global’s platform,” Buero detailed. Thursday.
What do you think of Huobi Global’s acquisition of the Latin American exchange Bitex? Let us know what you think about this topic in the comments section below.
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