Huobi expands presence in LatAm

Global cryptocurrency exchange Huobi has decided to double down on its commitment to the Latin American market with the acquisition of a rival, Bitex.

The deal went through for an undisclosed amount and is part of the Republic of Seychelles-registered company’s plans to continue establishing a sizable footprint in the region.

Huobi will use Bitex’s exchange platform and integrate it directly into its own global platform.

The company will retain its current management team, with CEO Francisco Buero confirmed.

The addition of Bitex is hoped to help Huobi achieve its ambitions to be a more recognizable name in the Latin American market thanks to Bitex’s operations in Paraguay, Uruguay, Chile and Argentina.

The platform is also talking about expanding to Peru, but no exact date of when this expansion may occur has been offered.

Bitex isn’t the biggest cryptocurrency exchange but it’s a known and recognizable name in the local market, which makes it important.

There are currently 200,000 accounts available with Bitex, which is a good user base overall.

Huobi, which has chosen not to operate in the US for the time being, is planning to re-enter the US market, but has so far focused on nearby markets instead.

The company’s operations were hit by winding its operations down in China where a mass ban on cryptocurrencies and mining took place. Even though a third of its revenue has been lost, the company believes recovery is underway.

The recent bearish market is going to impinge on Huobi’s competitiveness, but this has not stopped the company from seeking to expand.

Players who are looking to have a blast using cryptocurrency are advised to turn to Bitcasino, 1xBit or FortuneJack in the meantime.

Source

Updated: 05/30/2022 — 15:00