Huobi announced the acquisition of Bitex, which has a network a network refers to all nodes in the operation of a blockchain at any given moment in time. in Argentina, Chile, Paraguay and Uruguay.
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- Huobi acquired the Latin American exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Bitex.
- Latin America ranks 5th in crypto adoption.
- Huobi is already operating in Latin America since 2019.
The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market continues to fall, due to various political-economic factors that have collapsed the markets and finance in general, but also because of the internal crisis unleashed after the collapse of the ecosystem of Earth. However, this has not stopped the crypto world’s investments from continuing on their way, as many are betting on a bright future for cryptocurrencies.
This is the case of Huobi Global, the world’s third largest cryptocurrency exchange in terms of trading volume, which announced today that it has acquired the exchange Bitex, one of the first regional cryptocurrency exchanges in Latin America. The terms of the deal are confidential and were not disclosed, as reported by the agency. EFE.
Founded in 2014,Bitex has a network in Argentina, Chile, Paraguay and Uruguay. Huobi Global plans to integrate the operations of the Bitex with the platform a place to buy, sell and store cryptocurrency of Huobi Global, which will allow users in Latin America to exchange all the digital assets available in Huobi Global.
Now, after integration, Bitex will not disappear, but will keep its mark. and will continue to be managed independently by its current management team.
Adoption in Latin America
With a population of nearly 665 million, Latin America ranks fifth in the world in cryptocurrency adoption and consistently captures between 8% and 10% of global cryptocurrency activity, reports EFE. The region experienced an increase in cryptocurrency usage by 1370 % from 2019 to 2021, with Venezuela and Argentina ranking seventh and tenth, respectively, in the 2021 Global Cryptocurrency Adoption Index released by Chainalysis.
“Since Huobi Group first entered the Latin American market an area or arena, online or offline, in which commercial dealings are conducted. in 2019, we have seen remarkable growth there and are optimistic about our prospects for the Latin American region. We are pleased to partner with an established player like Bitex as we look to grow our presence in Latin America. This acquisition will enable more users to trade with the security, liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. and stability of Huobi.” said Jeffrey Ma, global head of mergers and acquisitions of Huobi Group.
Caleb Lim, senior investment manager at Huobi Group he added: “ Currently, only about half of the population in Latin America has bank accounts. Through this acquisition, Huobi Global hopes to satisfy this growing appetite for alternative financial services through blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. technology. We intend to add more local fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies and work with local partners to expand our ecosystem in Latin America”.
For his part, the CEO of Bitex, Francisco Buero, said: “ Bitex was founded to protect the value of our users’ money in the wake of the major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe that our partnership with Huobi Global will not only support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. our expansion, but will also help us to better serve our clients by enabling them to access a wider range of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets on the Huobi Global platform.
Huobi in Latin America
Huobi Group marked its first foray into Latin America with the release of Huobi Argentina en 2019attracted by the growing demand for cryptocurrency-related products and services in the market. In 2020, Huobi Argentina introduced fiat-crypto pairing between the Argentine peso and Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) and Tether (USDT). Last year, it also added five payment methods to improve the trading experience for users and increase the liquidity of its marketplace.
Sources: EFE , Yahoo , Reject , archivo
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