Crypto exchange Huobi Global has acquired Bitex trading platform, which works with users from Argentina, Chile, Paraguay and Uruguay. According to a press release, the terms of the deal were not disclosed.

“Currently, only half of users in Latin America have a bank account. “Huobi Global hopes to meet the growing demand for alternative financial services through this acquisition,” said Caleb Lim, senior investment manager at Huobi Group.

Founded in 2014, Bitex exchange is one of the oldest cryptocurrency platforms in Latin America.

In May 2018, Argentine bank Banco Masventas signed an agreement with Bitex exchange to perform cross-border transfers using bitex.

In 2019, 37 cities in Argentina were able to pay for public transport with digital gold, thanks to a partnership between Bitex and Alto Viaje, a transport card top-up platform.

In the same year, Bantotal entered into a partnership with Bitex exchange to launch international payments using the first cryptocurrency.

Recall that XP Inc, the largest broker in Brazil, will launch the XTAGE digital asset trading platform in collaboration with Nasdaq.