China’s Huobi acquires Latin American exchange Bitex to expand footprint

Chinese crypto exchange Huobi has acquired Latin American crypto exchange Bitex to expand its presence in the region. Although the terms of the deal have not been disclosed, Huobi said it plans to integrate Bitex’s operations with its platform, even though the Latin American crypto exchange will retain its branding and continue to run independently. Bitex operates in South American countries such as Argentina, Chile, Paraguay and Uruguay, and the integration with Huobi will enable Latin Americans to access a wider range of digital assets going forward.

Founded in 2014, the Bitex exchange supports at least 15 cryptocurrencies, including stablecoins. Tether (USDT)DAI, and USD Coin (USDC), It supports on-ramp from multiple fiat currencies including the US dollar; Argentine, Chilean and Uruguayan pesos; Paraguayan Guarani, and Peruvian Sol.

“In the wake of the major financial crisis in Latin America, Bitex was established to protect our users’ value for money,” Bitex CEO Francisco Buero said in a statement. Press release, “After growing rapidly after eight years of successful operations, we are confident that our partnership with Huobi Global will not only support our expansion but will also help us better serve our customers, enabling them to access Huobi Global’s platform. Additionally, Huobi Global’s strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange.”

Huobi has been interested in expanding its Latin American presence since launching Argentina in 2019. The company noted that from 2019 to 2021, Latin America saw an increase in crypto usage 1,370 percentVenezuela and Argentina are ranked seventh and tenth respectively. 2021 Global Crypto Adoption Index Published by Chainalysis.

This time, Huobi Global Crypto is the fourth largest exchange by trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion (approximately Rs 90,845 crore) in assets under management (AUM).

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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