Report: Houbi Global expands to Latin American with Bitex Acquisition
May 27, 2022 9:43 AM
Bitex a Latin American crypto trading platform that operates in Argentina, Chile, Paraguay, and Uruguay, has now been acquired by Huobi Global. The crypto trading giant reported it plans to step up its presence in Latin America as it believes the region will be among the fast rising in crypto and blockchain adoption globally.
Aims to Step Up Its Presence in Latin America, Leads Houbi to Acquire Local Exchange Bitex
The leading crypto asset exchange Huobi Global announced on Thursday, that the company has acquired the Latin American cryptocurrency exchange Bitex.
Bitex was founded in 2014 and while Huobi will exist the parent company, the trading platform will keep its current branding and operation team. Bitex offers digital currency services to residents in Latin America region.
“Since Huobi Group first penetrated the Latin American market, we've seen remarkable growth there and are bullish on our prospects for the area, ” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement."
We're pleased to partner with an proving player like Bitex, as we appear to raise our footprint in Latin America. Our cooperation will enable more users to trade with Huobi’s proven security, liquidity, and stability. ”
Branding and Management will be retained by Bitex
While Bitex will keep its team and branding, Huobi will integrate the firm's’s platform with the Bitex system. The integration will present all Bitex users 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 crypto usage spiked by 1,370% within that period of time.
However, Huobi Global who is the fourth largest crypto trading platform by crypto trade volume, and is the third largest when it comes to crypto reserves with $11.7 billion in assets under management( AUM). Bitex CEO Francisco Buero believes the partnership with Houbi Global will support the firms' growth as it seeks to expand further.
“Bitex was founded to safeguard the value of our users ’ money, in the wake of substantial financial crises in Latin America. Having grown rapidly after eight years of thriving in business, we believe our cooperation with Huobi Global won't only back our expansion but also assist us better serve our customers, allowing them to access a wide range of digital assets on Huobi Global’s exchange, ” the Bitex CEO stated.