Chinese cryptocurrency exchange Huobi Global has announced the acquisition of one of the oldest Latin American trading platforms, Bitex, in order to expand its presence in the region.
According to statement, Bitex will be able to keep its team and brand, while Huobi will only integrate the company’s platform with its system. The integration will allow Bitex customers to trade digital currencies offered by Huobi.
Since 2019, the market in Latin America has grown by 1,370%, with Venezuela and Argentina ranked seventh and tenth, respectively, in the Global Cryptocurrency Adoption Index. Huobi believes that Bitex is a recognized player in the industry and partnering with Bitex will greatly enhance the range of services it offers to users.
“Now only about half of the population of Latin America have bank accounts. Through this acquisition, Huobi Global hopes to meet the growing demand for alternative financial services with the help of blockchain. We intend to add more local fiat currencies and work with local partners to expand our ecosystem in this region,” said Caleb Lim, senior investment manager at Huobi Global.
Bitex CEO Francisco Buero said that throughout the eight years of its existence, the company has helped its users fight the financial crisis in Latin America. The partnership with Huobi will help expand the range of digital assets offered to users and enhance their security.
Previously, Huobi Gibraltar received a cryptocurrency license from the Gibraltar Financial Services Commission (FSC) and transferred all spot trading operations to this jurisdiction.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
