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Huobi acquires Bitex
According to the official announcement, the exchange giant has plans to integrate Bitex's exchange services on its global platform, allowing Latin Americans to trade all digital assets present on Huobi Global. However, following the integration, Bitex will continue to operate under its original name by its current management team in Latin America. The two companies have kept the terms of the deal confidential.Founded in 2014, Bitex is one of the oldest crypto exchange platforms in Latin America, with a vast network in Chile, Argentina, Uruguay, and Paraguay. The exchange is set to launch its services for Peru users and has plans to expand to other countries, except Brazil, in the region.
The Senior Investment Manager at Huobi Group, Caleb Lim, revealed that only half of the Latin American population own bank accounts. He added:
"Through this acquisition, Huobi Global hopes to meet this growing appetite for alternative financial services through blockchain technology. We intend to add more local fiat currencies and work with local partners to expand our ecosystem into Latin America."
Latin America: an attractive region
With a population of roughly 665 million people, Latin America is fifth in the world for crypto adoption, accounting for between 8% and 10% of worldwide crypto activity. Interestingly, the region saw the use of cryptocurrencies increasing by 1,370% between 2019 and 2021.Recognizing the region's potential, Huobi Group made its first entry into Latin America in 2019 with the launch of Huobi Argentina, fueled by the market's growing demand for crypto-related products and services.
Several exchanges are trying to expand their presence in the region. Recently, crypto exchange giant Coinbase had been in talks with 2TM, the owner of Brazil's largest crypto exchange platform Mercado Bitcoin to acquire the service.
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