• Bitex, a Latin American exchange, has been acquired by Huobi

  • Huobi sees the new purchase as a wonderful chance to provide financial services to half of the region’s unbanked population.

    Huobi Global, a former China-based exchange, increases its continental scope by acquiring Bitex, a crypto platform that developed Latin America’s first Bitcoin exchange. However, neither party disclosed any financial information about the acquisition.

    Huobi Global announced the acquisition of the Latin American exchange Bitex, but the Asian behemoth provided no other specifics.

    Bitex, which was created in 2014, is present in Argentina, Chile, Paraguay, and Uruguay. The company will become a member of Huobi’s

    According to the official statement, the platform would allow its customers to trade on Huobi’s platform. Meanwhile, following the integration, Bitex will retain its own logo and management team.

    The move was emphasized as a significant step in accessing the Latin American market because the area – which accounts for between 8 and 10% of global crypto activity – has seen tremendous increase in the use of digital assets in recent years. According to a survey conducted by blockchain analytics firm Chainalysis, the use of cryptocurrencies increased by 1,370 percent between 2019 and 2021.

    Caleb Lim, Senior Investment Manager at Huobi Group, described the new acquisition as a new chance to provide financial services to the region’s unbanked citizens. Huobi will offer more local currencies to meet the demands of users and collaborate 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 stated that the new partnership will help the company’s growth by allowing its consumers to access a variety of digital assets on Huobi’s platform.

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