Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.
Through the partnership, AstroPay will facilitate fiat-to-crypto payment services for Huobi Global users in the South American continent. Using AstroPay digital wallet, consumers in Argentina, Brazil, Chile, Colombia, Peru, Mexico and Uruguay can add funds to their account in their respective currencies.
The deal also enables Huobi Global’s users in the region to purchase and subsequently 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 lays claim to a young and vibrant population brimming with enthusiasm for the crypto industry, and we have observed a significant increase in the number of new Huobi Global users from this region,” said Lily Zhang, Chief Financial Officer of Huobi Global. “Our collaboration with AstroPay underscores our goal to make the purchase and trading of 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 for companies looking to target the diverse Latin American market. Huobi Global users will be able to purchase and sell their crypto assets in local currencies, which will ultimately lead to higher trading volumes and greater engagement within the cryptocurrency sector.”
The vast variety of payment methods that AstroPay offers allow crypto exchanges to be ahead of the competition by reaching thousands of new customers within emerging markets. Overall, the service supports 130+ alternative payment methods, such as local debit and credit cards, cash, online bank transfers and electronic funds transfers (EFTs).
Huobi has recently bolstered its commitment to Latin America with the acquisition of local crypto exchange Bitex.
The deal, whose financial terms were not shared, allows Huobi to expand into Latin America where Bitex has an extensive network, namely Argentina, Chile, Paraguay, and Uruguay.
As part of its acquisition process, Huobi plans to integrate Bitex’s exchange operations with its global platform. However, the eight-year startup will retain its branding and continue to be independently run by its current management team.
The premier crypto platform said the takeover strengthens its breadth and depth as the company moves to capture the potential of digital assets across a region with more than 660 million people. For this purpose, Huobi plans to add more fiat currencies and work with local partners to expand their ecosystem into Latin America.