Huobi Global Acquires Latin American Crypto Exchange Bitex

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Chinese cryptocurrency exchange Huobi Global has announced the acquisition of one of Latin America's oldest trading platforms, Bitex, to expand its presence in the region.

According to the statement, Bitex will be able to maintainits team and brand, and Huobi only integrates the company's platform with its system. The integration will allow Bitex clients to trade digital currencies offered by Huobi. 

Since 2019, the market in Latin America has grown by1,370%, with Venezuela and Argentina ranked seventh and tenth, respectively, in the Global Cryptocurrency Adoption Index. Huobi believes that Bitex is an established player in the industry and partnering with it will significantly increase the range of services it offers to users.

“Now only about half the populationLatin Americans have bank accounts. With this acquisition, Huobi Global hopes to meet the growing demand for alternative financial services through blockchain. We intend to add more local fiat currencies and work with local partners to expand our ecosystem in this region,” said Caleb Lim, senior investment manager at Huobi Global.

Bitex CEO Francisco Buero(Francisco Buero) said that throughout the eight years of its existence, the company has helped its users fight the financial crisis in Latin America. The partnership with Huobi will help expand the range of digital assets offered to users and strengthen their security.

Previously, Huobi Gibraltar received a cryptocurrency license from the Gibraltar Financial Services Commission (FSC) and transferred all spot trading operations to this jurisdiction.