Huobi Global has announced the acquisition of Bitex to expand its presence in the Latin America region that continues to embrace crypto.
Bitex, founded in 2014, is one of the first regional crypto exchanges in Latin America, providing services in Argentina, Chile, Paraguay, and Uruguay.
Huobi will integrate Bitex operations into its platform, with the latter retaining its brand and running independently.
The globally recognized digital assets platform of Huobi Global has announced the acquisition of the crypto exchange of Bitex to expand its presence in the Latin America region. Bitex is one of the first crypto exchanges in Latin America, having been founded in 2014, and has an extensive user network in Argentina, Chile, Paraguay, and Uruguay.
Latin America Has a Significantly Higher Crypto Adoption Rate
According to the team at Huobi, the crypto growth and adoption rate experienced in Latin America is one of a kind, experiencing a 1,370% rise between 2019 and 2021. Furthermore, the region has over 665 million residents, with Venezuela and Argentina leading the rest in the 2021 global crypto adoption index published by Chainalysis.
Jeffrey Ma, Global Head of M&A at Huobi Group, further elaborated on the region’s significance in crypto adoption through the following statement.
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.
Bitex to Be Integrated into Huobi, But to be Run Independently
With the new acquisition, Huobi Global plants to integrate the crypto exchange operations of Bitex into its own, thus allowing the latter’s existing customers to access Huobi’s wide array of digital asset offerings. Once the integration is complete, Bitex will continue to be run independently by its current management team and retain its brand identity.
Bitex CEO Francisco Buero went on to add that the new acquisition will allow the exchange to serve its customers in the region better. He said:
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.