The collapse of bitcoin does not stop business: the third largest exchange in the world is buying an Argentine company

despite being 57% below its maximum From $ 68,800 in November, and far from the high of $ 48,000 in March, bitcoin at $ 29,000 continues to do business. And many of them in Argentina.

The last move was made by Bitex Exchange, founded by Argentine businessman Francisco Buero and has operations in several countries in the region. The company acquired this Thursday’s HuobiGlobalthe third digital asset market by volume, which includes operations seeks to grow in Latin America.

Founded in 2014, Bitex is there offices in Chile, Paraguay and Uruguay. Huobi Global, which did not disclose the purchase price, plans to integrate the acquired company’s operations into its platform, which will allow users in Latin America to exchange all digital assets available on Huobi Global.

But despite this fusion, Bitex will retain its brand and will continue to be managed independently by its current management team.

“Since Huobi Group first entered the Latin American market in 2019, we have seen a noticeable growth there and we are optimistic about our prospects for the region, ”said Jeffrey Ma, Huobi’s global director of mergers and acquisitions.

Latin America occupies fifth place in the world in the adoption and acquisition of cryptocurrency between 8% and 10% of global activity.

The region saw cryptocurrency usage increase of 1,370% between 2019 and 2021, where Venezuela and Argentina occupy seventh and tenth place, respectively, in the 2021 Global Cryptocurrency Adoption Index published by Chainalysis.

Caleb Lim, senior investment manager at Huobi Group, explained, “Currently, only about half of the population in Latin America has bank accounts. With this acquisition, Huobi Global hopes to address this growing appetite for alternative financial services through blockchain technology.

And he explained that they intend to add more money and work with local partners to expand their ecosystem in Latin America.

Bitex CEO Francisco Buero explained the origin of Bitex and its relevance to the economic context of Argentina and countries in the region: the company “was founded to protect the money value of our usersas a result of the major financial crises in Latin America ”.

“Having grown rapidly after eight years of successful operation, we believe our partnership with Huobi Global will not only support our expansion, but also help our clients by allowing them to access more wide range of digital assets. “

In addition, Buero featured Huobi has a strong track record on security issues.

Huobi has been in the region since it launched its operations in Argentina in 2019, certainly attracted by the growing demand for cryptocurrencies in the market.

NE