Huobi Global Acquires Latin American Crypto Exchange Bitex
The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide. Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange
On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been 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 seen remarkable growth there and are bullish on our prospects for the region,” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement. “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.” Bitex to Keep Branding and Management, CEO Believes Huobi Will Help Expansion
While Bitex will keep its team and branding, Huobi will integrate the company’s platform with the Bitex system. The integration will give all Bitex customers access to the digital currencies offered by Huobi’s Global’s trading engine.
Huobi has been interested in stepping up its Latin American presence since 2019, when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.
Today, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest 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, 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,” Buero detailed on Thursday. Tags in this story Acquisition, Bitex, Bitex CEO, Bitex customers, Crypto, Crypto trading platform, Cryptocurrency Exchange, cryptocurrency exchanges, Digital Currencies, Francisco Buero, head of mergers and acquisitions, Huobi, Huobi Bitex, Huobi Global, Jeffrey Ma, Latin America, Latin American exchange
What do you think about Huobi Global acquiring the Latin American exchange Bitex? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization NEWS | 10 hours ago A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens NEWS | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePortuguese Parliament Rejects Crypto Tax Proposals During Budget Debate Next articleWhy the Crypto Industry in Indonesia Is Set to Leapfrog Competing Markets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining