One of the largest cryptocurrency trading platforms, Huobi Global, has acquired the Latin American crypto platform Bitex in a takeover that will see Huobi increase its presence in Latin America.
According to the announcement, Bitex will join Huobi, but retain its own management and branding. The exact terms of the deal have not been released.
Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group noted in the announcement:
“Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region. We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”
Huobi has been increasingly focused on its expansion efforts, and as cryptocurrency becomes more mainstream, Huobi has maintained its commitment to regulatory compliance, commenting on its moves to maintain regulatory compliance during the GDF Asia 2021 Conference.
In the recent announcement, Bitex CEO Francisco Buero commented on how Huobi will support the company’s expansion:
“Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.