Digital asset exchange Huobi Global has announced the acquisition of Bitex, a regional cryptocurrency exchange in Latin America, as the firm moves to expand its footprint in the fast-growing region. The terms of the deal have not been disclosed.
Bitex was founded in 2014 and has an extensive network in Argentina, Chile, Paraguay, and Uruguay. Huobi has shared plans to integrate Bitex’s exchange operations with Huobi Global’s platform, which would allow users in Latin America to trade all digital assets available on Huobi Global. According to the official press release, Bitex will continue to be independently run by its current management team after its integration.
Jeffrey Ma, Global Head of M&A at Huobi Group, 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.
Caleb Lim, Senior Investment Manager at Huobi Group, added:
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. We intend to add more local fiat currencies and work with local partners to expand our ecosystem into Latin America.
Bitex CEO Francisco Buero commented:
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.
Huobi Group entered the Latin American market in 2019 with Huobi Argentina. The company was drawn by the growing demand for crypto related products and services in the region. Huobi Argentina introduced fiat-to-crypto pairing between the Argentine Peso and both Bitcoin and Tether in 2020. Last year, the company also added five payment method.
