Cryptocurrency exchange Huobi acquires a Latin American crypto startup
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Answer Cryptocurrency exchange Huobi acquires a Latin American crypto startup
Huobi Global has announced the expansion of its continental presence with the purchase of crypto startup Bitex, a cryptocurrency that trades bitcoin in Latin America.
So far, the two parties have not disclosed any financial details regarding the announced acquisition.
Huobi Global has announced that it has acquired Latin American-based Bitcoin trading platform Bitex, but the Asian giant did not disclose details of the purchase and acquisition.
Founded in 2014, Bitex operates in Argentina, Chile, Paraguay and Uruguay.
The company will join Huobi, allowing its customers to trade on the Huobi platform, according to the official statement.
Meanwhile, Bitex will retain its brand management team after the merger.
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slattered Statement Huobi’s media outlet highlighted this move as a crucial step in entering the Latin American market, as the region, which accounts for 8-10% of global crypto activity, has seen a huge growth in digital asset adoption in the past years.
A study by blockchain data analytics firm Chainalysis showed that cryptocurrency usage increased by 1370% from 2019 to 2021.
Caleb Lim, Senior Investment Manager at Huobi Group, commented on the acquisition as a new opportunity to provide financial services to unbanked individuals in the region, adding:
Huobi will add more local currencies to support users’ needs and work with local partners.
Currently, only about half of the Latin American population has bank accounts.
With this acquisition, Huobi Global hopes to satisfy this growing appetite for alternative financial services through blockchain technology.
While Francisco Buero, CEO of Bitex, commented:
The new partnership will facilitate expansion, as users will be able to access a variety of digital assets on the Huobi platform.
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