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Tuesday, March 28, 2023

Huobi Global Acquires Latin American Crypto Exchange Bitex

Huobi Global Acquires Latin American Crypto Exchange Bitex – Huobi Global, the leading crypto asset exchange, revealed on Thursday that it has acquired Bitex, a Latin American cryptocurrency exchange. The specifics of the deal involving Huobi and Bitex have not been disclosed, according to the announcement.

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Bitex is an exchange platform that was created in 2014, and while Huobi will be the parent company, the trading platform’s branding and management team will remain the same. Bitex is a digital currency exchange that serves people of Uruguay, Argentina, Paraguay, and Chile.

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“We have experienced tremendous growth in the Latin American market since Huobi Group first entered the market, and we are bullish on our prospects for the area,” Jeffrey Ma, Huobi Group’s global head of mergers and acquisitions, said in a statement.

“As we look to expand our footprint in Latin America, we are thrilled to partner with an established company like Bitex.” More users will be able to trade using Huobi’s proven security, liquidity, and stability as a result of our partnership.”

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While Bitex’s team and branding would remain, Huobi’s platform will be integrated with the Bitex system. All Bitex customers will have access to the digital currencies supplied by Huobi’s Global’s trading engine as a result of the integration.

Huobi has been looking to expand its Latin American presence since launching Huobi Argentina in 2019. According to the company, crypto usage in Latin America increased by 1,370 percent from 2019 to 2021.

Huobi Global is the fourth largest cryptocurrency exchange in terms of trade volume, and the third largest in terms of crypto reserves, with $11.7 billion in assets under management (AUM). Huobi, according to Bitex CEO Francisco Buero, will aid the company’s expansion efforts.

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“In the wake of severe financial crises in Latin America, Bitex was formed to protect the value of our users’ money.” “We believe our partnership with Huobi Global would not only boost our expansion but also allow us to better serve our clients by enabling them to access a greater selection of digital assets on Huobi Global’s platform,” Buero stated on Thursday.

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