Huobi Global – a former China-based exchange – expands its continental footprint by purchasing Bitex, a crypto platform that built the first Bitcoin exchange in Latin America. However, both parties did not release any financial details regarding the acquisition.
- Huobi Global announced that it had acquired Latin America-based exchange Bitex, but the Asian giant did not disclose details regarding the purchase.
- Bitex, founded in 2014, operates in Argentina, Chile, Paraguay, and Uruguay. The company will join Huobi’s
- platform, allowing its customers to trade on Huobi’s platform, according to the official release. Meanwhile, Bitex will keep its own branding and management team after the integration.
- The release highlighted the move as a critical step in entering the Latin American market since the region – accounting for between 8 – 10% of global crypto activity – has experienced tremendous growth in adopting digital assets in the past years. A study by blockchain analyst firm Chainalysis has shown that the use of cryptocurrencies rose by 1,370% from 2019 to 2021.
- Caleb Lim, Senior Investment Manager at Huobi Group, commented on the new acquisition as a new opportunity to offer financial services to unbanked individuals in the region. Huobi will add more local currencies to support users’ needs and work with local partners, he said.
“Currently, only about half of Latin American’s population own bank accounts. Through this acquisition, Huobi Global hopes to meet this growing appetite for alternative financial services through blockchain technology.”
- Bitex CEO Francisco Buero said the new partnership will facilitate its expansion, as its users will be able to access a variety of digital assets on Huobi’s platform.
