Huobi Acquires Bitex to Grow its Presence in Latin America

Huobi Acquires Bitex to Grow its Presence in Latin America

Huobi Acquires Bitex to Grow its Presence in Latin America

The Chinese crypto exchange, Huobi Global, has acquired Bitex, one of the first regional Latin American crypto exchanges to grow its presence in the region. The terms of the agreement are private and were not released.

Huobi has plans to incorporate Bitex’s exchange platform with its global platform, the firm said in the release. Bitex will continue working under the same name and the same management team in Latin America, Francisco Buero, the CEO of Bitex told sources.

Bitex was created in 2014 and it operates in Argentina, Chile, Paraguay as well as Uruguay. It will soon drop operations in Peru and its planning to expand “soon” to other undisclosed Latin American countries, as per Buero. He removed Brazil from that list of countries as of now.

Also Read: Argentina’s Central Bank Bans Banks from Dealing Crypto.

Bitex has more than 200,000 open accounts and it serves individuals, high-net-worth clients along with corporate customers, Buero commented.

In February, Huobi said that it was planning to re-enter the U.S. market after Huobi Ended Futures and Other Derivatives Trading in mainland China to follow a local ban on crypto transactions. As of now, Huobi has lost about a third of its revenue from last September to December, the co-founder of the company, Du Jun said.

“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,” Bitex CEO Francisco Buero said.

Huobi had initially entered the Argentina market under its brand name during 2019, giving a way for locals to exchange Argentine pesos for cryptocurrencies Bitcoin (BTC) and Tether (USDT).

During 2021 it also added five payment methods for crypto trading from Argentine financial institutions, including banking giants Santander Río and Banco Galicia.

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