Huobi, the sixth-largest crypto exchange in the world by trading volume, recently partnered with payment solutions provider AstroPay to launch deposits and withdrawals to local currency accounts in Latin America.
Thanks to the partnership, AstroPay will facilitate fiat-to-crypto payment services for Huobi Global users in the South American continent. Through the AstroPay digital wallet, consumers in Argentina, Brazil, Chile, Colombia, Peru, Mexico and Uruguay can add funds to their account in their respective currencies.
The agreement also allows Houobi Global users in the region can buy and then trade through a variety of payment methods, including credit and debit cards, bank transfers and local alternative options, such as Pix in Brazil and SPEI in Mexico.
“Latin America boasts a young and dynamic population brimming with enthusiasm for the crypto industry, and we have seen a significant increase in the number of new Huobi Global users in this region,” said Lily Zhang, Chief Financial Officer. from Huobi Global. “Our collaboration with AstroPay underscores our goal of making buying and trading digital assets a secure, convenient and enjoyable experience for everyone.”
Sara Rita, Chief Commercial Officer of AstroPay, said, “AstroPay is renowned for its expertise in providing payment services to businesses looking to target the diverse Latin American market. Huobi Global users will be able to buy and sell their crypto assets in local currencies, which will ultimately lead to higher trading volumes and greater engagement in the cryptocurrency industry.
The wide variety of payment methods offered by AstroPay allows crypto exchanges to be ahead of the competition by reaching thousands of new customers in emerging markets. Overall, the service supports over 130 alternative payment methods, such as local debit and credit cards, cash, online bank transfers, and electronic funds transfers (EFTs).
Huobi recently bolstered its engagement in Latin America with the acquisition of local crypto exchange Bitex.
The agreement, the financial terms of which were not shared, allows Huobi to expand in Latin America where Bitex has an extensive network, namely ArgentinaChile, Paraguay and Uruguay.
As part of its acquisition process, Huobi plans to integrate Bitex’s exchange operations into its global platform. However, the eight-year-old startup will retain its branding and continue to be independently managed by its current management team.
The leading crypto platform said the takeover adds to its breadth and depth as the company strives to capture the potential of digital assets in a region of more than 660 million people. To that end, Huobi plans to add more fiat currencies and work with local partners to expand its ecosystem in Latin America.