Huobi acquired Bitex, the first crypto platform that built a crypto exchange in Latin America, regarding it as a great opportunity to offer financial services to half of the unbanked population in the region so let’s read more today in our latest cryptocurrency news.
Huobi global expanded its continental footprint by buying Bitex which is a crypto paltform that built the first BTC exchange in Latin America but both parties didn’t release any financial details about the deal. Huobi acquired Bitex but there were no details about the purchase. Bitex was founded in 2014 and operates in Paraguay, Chile, Argentina, and Uruguay. The platform allows its customers to trade on the Huobi platform and in the meantime, Bitex will keep its own branding and management team after the integration.
The press release outlined the move is a critical step in entering the Latin American marekt since the region accounting for 10% of the global crypto activity, experienced huge growth in adopting digital assets in the past few years. The study by blockchain analyst company Chainalysis showed that the use of cryptocurrencies increased by 1,370% from 2019 to 2021. The Senior Investment Manager Caleb Lim commented on the acquisition as a new opportunity to offer financial services to unbanked individuals in the region and Huobi will add more local currencies to support the users’ needs and work with the local partners:
“Currently, only about half of Latin American’s population own bank accounts. Through this acquisition, Huobi Global hopes to meet this growing appetite for alternative financial services through blockchain technology.”
Bitex CEO Francisco Buero said the new partnership will facilitate the expansion as users will be able to access a variety of digital assets ont the platform.
As recently reported, Huobi Tech is a public listed fund manager in Hong Kong that plans to launch a crypto-tracking ETF for retail investors. The Hong Kong Stock Exchange-listed company submitted a proposal to the regulator for its crypto ETF and this new product will be focused on retail investors that have assets less than $1 million. The vice president of the company Romeo Wang noted that a Hong-Kong regulated crypto ETF will offer better security to investors and also said that they are engaged actively with the SFC hoping to maintain positive communication and offer regulated ETF products on the market. Huobi is banking on the newest relaxation of crypto ETF products for retail investors that were brought up earlier limited for professional investors alone.
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