Chinese crypto exchange Huobi has acquired Latin American cryptocurrency exchange Bitex to expand its presence in the region. Although the terms of the deal were not disclosed, Huobi said it plans to integrate Bitex operations with its platform even as the Latin American cryptocurrency exchange retains its branding and continues to operate independently. Bitex operates in a range of South American countries such as Argentina, Chile, Paraguay, and Uruguay, and integration with Huobi will enable Latin Americans to access a wide range of digital assets in the future.
Founded in 2014, Bitex exchange supports at least 15 cryptocurrencies, including the stablecoins Tether (USDT), DAI, and USD Coin (USDC). It supports on-ramps of several fiat currencies, including the US dollar; Argentine, Chilean and Uruguayan pesos; Paraguayan guarani and Peruvian sol.
“Bitex was established to protect the value of our users’ money, in the wake of the major financial crises in Latin America,” Bitex CEO Francisco Buero said in a press release. “Having grown rapidly after eight years of successful operations, we believe that our partnership with Huobi Global will not only support our expansion, but will also help us better serve our customers, enabling them to access a wider range of digital assets on the Huobi Global platform. Additionally, Huobi Global’s strong security track record will help protect our important mission as we continue to operate as a borderless exchange.”
Huobi has been ramping up its presence in Latin America since 2019 when it launched Huobi Argentina. The company reports that from 2019 to 2021, Latin America saw crypto use rise 1,370 percent, with Venezuela and Argentina ranked seventh and tenth, respectively, in the 2021 Global Crypto Adoption Index published by Chainalysis.
As of now, Huobi Global is the fourth largest exchange in terms of crypto trading volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion (about Rs.90,845 crore) in assets under management (AUM).
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