China's Huobi Acquires Latin American Exchange Bitex to Expand Footprint

Huobi plans to integrate Bitex’s exchange platform with its global platform.

China's Huobi Acquires Latin American Exchange Bitex to Expand Footprint

Photo Credit: Twitter/ Huobi Group

Huobi Group entered Latin America with the launch of Huobi Argentina in 2019

  • Bitex will continue operating under its current name
  • Huobi entered Latin America back in 2019
  • Bitex operates in Argentina, Chile, Paraguay and Uruguay

Chinese crypto exchange Huobi has acquired Latin American crypto exchange Bitex to expand its presence in the region. Though terms of the deal have not been disclosed, Huobi said it plans to integrate Bitex's operations with its platform even as the Latin American crypto exchange will retain its branding and continue to be run independently. Bitex operates in a host of South American nations like Argentina, Chile, Paraguay and Uruguay and the integration with Huobi will enable Latin Americans to access a widee range of digital assets going forward.

Founded in 2014, Bitex' exchange supports at least 15 cryptocurrencies, including stablecoins Tether (USDT), DAI, and USD Coin (USDC). It supports on-ramps from several fiat currencies, including US dollars; Argentine, Chilean and Uruguayan pesos; the Paraguayan guaraní, and Peruvian sol.

"Bitex was founded to protect the value of our users' money, in the wake of major financial crises in Latin America," Bitex CEO Francisco 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. Additionally, Huobi Global's strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange."

Huobi has been interested in stepping up its Latin American presence since 2019 when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370 percent, with Venezuela and Argentina ranking seventh and tenth, respectively, in the 2021 Global Crypto Adoption Index published by Chainalysis.

As of now, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion (roughly Rs. 90,845 crore) in assets under management (AUM).

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.


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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at More
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