Huobi Global has acquired Latin American crypto exchange Bitex

Although Huobi, the Chinese cryptocurrency exchange is looking to grow into Latin America, Bitex will continue to operate under the same brand and with the same management team.

Chinese crypto exchange Huobi acquired Latin American crypto exchange Bitex to expand its presence in the region, Huobi said Thursday. The exchange plans to integrate Bitex’s exchange platform with its global platform, the company said in a statement. Bitex will continue operating under its current name and management team in Latin America, Bitex CEO Francisco Buero said.

Bitex, founded in 2014, operates in Argentina, Chile, Paraguay, and Uruguay. The Bitex website shows that the exchange supports at least 15 cryptocurrencies, including the stablecoins Tether (USDT), DAI, and USD Coin (USDC). It supports on-ramps from several fiat currencies, including dollars; Argentine, Chilean and Uruguayan pesos; the Paraguayan guaraní, and the Peruvian sol. 

“Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America,” Buero said in a press release.

“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.”

Huobi initially entered the Argentina market under its brand name in 2019, offering Argentine pesos for Bitcoin (BTC) and Tether (USDT). Last year, it added five cryptocurrency payment options from Argentine financial institutions, including large banks Santander Ro and Banco Galicia.

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