March 23, 2023

Huobi Expands Into Latin America With Bitex Acquisition

As part of an expansion process, Huobi Global has acquired a crypto firm, Bitex. Bitex has been in the Latin American market for over eight years, with a tremendous presence in Uruguay, Chile, Paraguay, and Argentina. 

Huobi is eyeing the Latin American market and believes partnering with Bitex can make that happen.

Huobi Acquires Bitex

Latin America is among the growing crypto regions worldwide. The area has been in the top 5 in crypto adoption for over five years. 

According to stats, digital currency usage has increased from 2019 to 2021. The increment is over 1,300%. As a result, several crypto companies are trooping into the market. 

Global leader at Huobi Group, Jeffrey Ma, believes the recent acquisition will benefit the company. He noted that they had seen tremendous growth since the company’s entrance into Latin America. 

“We are happy to partner with Bitex. They have been operating in Latin America for a while. Bitex is instrumental in increasing our foothold in the region. Huobi has proven stability, liquidity, and security that consumers can enjoy.”

The company did not disclose the amount of the acquisition cost. In 2021, Huobi added more trading services to its platform after a request from several investors.

Latin America, A Growing Crypto Market For Exchange Firms

As stated by Huobi, Latin America has become a major market for exchange firms. In 2019, the crypto exchange launched a branch in Argentina. This was after there was increased demand for crypto services and products in the nation.

The Chief Executive Officer of Bitex, Francisco Buero, commented on the partnership. He noted that the firm was created to protect the rights and funds of users. This was after a huge financial crises affected the region. 

According to him, the partnership with Huobi firm will help the company expand its reach. Also, the alliance will be beneficial to customers in the region. They will be able to access more digital assets and a range of various services.

In addition, Huobi has had a good security record over the years. Buero believes that this will protect Bitex’s mission to serve the people of Latin America.

Huobi is not the only firm expanding its operation into other regions. Tether is also fighting for expansion into Mexico. 

Recently, the company launched a stablecoin pegged to the Peso. Tether believes this will attract investors that want to convert their assets to digital currency. Also, Binance recently received a license to operate in Italy after expanding to the UAE.

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