Huobi Global acquires crypto exchange Bitex for an undisclosed figure

Late final week, Huobi International introduced that it accomplished an acquisition of digital foreign money buying and selling platform Bitex with the phrases of the settlement remaining undisclosed. Bitex, based in 2014, operates primarily within the Latin American international locations of Argentina, Chile, Paraguay, and Uruguay – a stage Huobi is eager to take root in. 

The previous will retain its branding and administration as a part of the association with the main crypto international crypto entity. Huobi reported a development in crypto and adoption charge in Latin America of 1,370% rise between 2019, when it launched Huobi Argentina, and 2021. 

The Bitex web site exhibits that the trade supported greater than 15 stablecoins and a number of other fiat currencies.

“Since Huobi Group first entered the Latin American market, we now have seen exceptional development there and are bullish on our prospects for the area. We’re happy to associate with a longtime participant like Bitex as we glance to develop our footprint in Latin America. Our partnership will allow extra customers to commerce with Huobi’s confirmed safety, liquidity, and stability.” the worldwide head of mergers and acquisitions at Huobi Group, Jeffrey Ma, stated.

Coin MarketCap ranks Huobi because the seventh-largest trade by way of crypto quantity and nonetheless looking for so as to add to the property beneath its administration. Bitex CEO Francisco Buero believes the acquisition works for the trade towards this objective.

“Bitex was based to guard the worth of our customers’ cash within the wake of main monetary crises in Latin America. Having grown quickly after eight years of profitable operations, we consider our partnership with Huobi International won’t solely assist our growth but in addition assist us higher serve our clients, enabling them to entry a broader vary of digital property on Huobi International’s platform,” Buero stated.

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