- Bitex serves the people of Argentina, Uruguay, Paraguay, and Chile.
- Latin America’s crypto use increased by 1,370 percent between 2019 and 2021.
Huobi Global, the world’s top crypto asset exchange, revealed on Thursday that it had acquired Bitex, a prominent cryptocurrency exchange in Latin America. Despite Huobi now being the parent firm of Bitex, which was established in 2014, the trading platform will continue to use its current branding and management team.
Global Expansion in Consideration
Bitex serves the people of Argentina, Uruguay, Paraguay, and Chile with digital currency services. Since its population is approximately 665 million, Latin America has constantly held a position of fifth place in the world for cryptocurrency adoption.
Jeffrey Ma, Huobi Group’s global head of mergers and acquisitions, said:
“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.”
Huobi will connect its platform with the Bitex system, while Bitex retains its personnel and logo. All Bitex users will now have access to Huobi’s Global’s trading engine’s digital currency offerings.
Since the debut of Huobi in 2019, it has been looking to expand its influence in Latin America. According to the business, Latin America’s crypto use increased by 1,370 percent between 2019 and 2021. With $11.7 billion in assets under management, Huobi Global is the third-largest cryptocurrency exchange globally by trading volume. Francisco Buero, the CEO of Bitex, feels that Huobi will aid the company’s growth ambitions.