Huobi Digital has acquired Bitex, a crypto platform based in Latin America that operates in Uruguay, Paraguay, Chile, and Argentina. Huobi is scaling up its presence in Latam and holds the view that the region will be among the most active in crypto adoption globally.
Huobi Intensifying Presence in Latam, Acquires Bitex
Huobi Global, an international crypto exchange, on Thursday 26th May 2022, announced that it had acquired Bitex, a Latam based crypto exchange. However, the terms of the deal were yet to be disclosed at the time of going to press.
Bitex was founded in 2014, and Huobi will now serve as the parent company. The Latam trading company will retain its branding and management, according to Jeffrey Mam, the head of mergers and acquisitions at Huobi. “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,” added Mam.
Huobi CEO Believes Bitex Will Help in Accelerating Growth in Latam
Huobi CEO has announced that Bitex will retain its current team as it gets integrated into the international trading firm. This integration provides Bitex’s clients with access to digital assets that are offered by the Huobi Trading Engine.
Since 2019, Huobi has been intensifying its presence in Latam. It started with the launch of Huobi Argentina in 2019 and, in the subsequent two years, saw crypto usage grow by 1,370%.
Today, Huobi Global is the 4th largest crypto exchange based on the traded volume, with a total of USD 11.7 billion in assets under management (AUM). According to Francisco Buero, the CEO of Bitex, this new acquisition will come in handy in helping the giant to rapidly achieve its expansion goals.
“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,” Buero explained.