Late last week, Huobi Global announced that it completed an acquisition of digital currency trading platform Bitex with the terms of the agreement remaining undisclosed. Bitex, founded in 2014, operates primarily in the Latin American countries of Argentina, Chile, Paraguay, and Uruguay – a stage Huobi is keen to take root in.
The former will retain its branding and management as part of the arrangement with the leading crypto global crypto entity. Huobi reported a growth in crypto and adoption rate in Latin America of 1,370% rise between 2019, when it launched Huobi Argentina, and 2021.
The Bitex website shows that the exchange supported more than 15 stablecoins and several fiat currencies.
“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.” the global head of mergers and acquisitions at Huobi Group, Jeffrey Ma, said.
Coin MarketCap ranks Huobi as the seventh-largest exchange in terms of crypto volume and still seeking to add to the assets under its management. Bitex CEO Francisco Buero believes the acquisition works for the exchange toward this goal.
“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 said.