Huobi acquires Latin America exchange Bitex

Huobi Global announced today that it has purchased Latin America-based exchange Bitex in a deal with confidential terms. 

Bitex, founded in 2014, operates in Argentina, Chile, Paraguay and Uruguay. The company will join Huobi Global's platform but keep its own branding and management, according to a May 26 press release. 

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 Peruvian sol. 


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“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."

Huobi first entered the Argentina market under its brand name in 2019, providing a way for locals to exchange Argentine pesos for bitcoin and Tether (USDT).

Last year it added five payment methods to trade crypto from Argentine financial institutions, including major banks Santander Río and Banco Galicia. 



About Author

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.