To enhance its business in the growing region of Latin America, Huobi Global recently announced that it has acquired Bitex, a crypto exchange with a strong presence in Argentina, Chile, Paraguay and Uruguay.
Latin America is one of the fastest-growing crypto regions in the world. In terms of the adoption of digital assets, the region has remained in the top 5 during the past few years. The use of digital currencies in Latin America increased by more than 1,300% between 2019 and 2021.
"Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region. We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity and stability,” said Jeffrey Ma, Global Head of M&A at Huobi Group.
The financial details of the acquisition were not disclosed. Last year, Huobi expanded its suite of trading services to accommodate clients around the world.
Latin America
According to Huobi, Latin America is a significant market for digital exchange. The company announced the launch of Huobi Argentina in 2019 amid the growing demand for crypto products and services in the country.
Francisco Buero, the CEO of Bitex, said: “Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on 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.”
