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Huobi uses AstroPay to facilitate crypto payment in Latin America

Huobi, the sixth largest crypto exchange in the world by trading volume, recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Through the partnership, AstroPay will enable fiat-to-crypto payment services for Huobi Global users in the South American continent. The AstroPay digital wallet allows consumers in Argentina, Brazil, Chile, Colombia, Peru, Mexico and Uruguay to fund their accounts in their respective currencies.

The agreement also allows Huobi Global users in the region to shop and then trade using 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 full of enthusiasm for the crypto industry, and we have seen 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 of making buying and trading digital assets a safe, convenient and enjoyable experience for everyone.”

Sara Rita, AstroPay’s Chief Commercial Officer, said: “AstroPay is known for its expertise in providing payment services to businesses looking to appeal to the diverse Latin American market. Huobi Global users can buy and sell their crypto assets in local currencies, which will ultimately result in higher trading volumes and exposure to the cryptocurrency sector.”

The wide variety of payment methods AstroPay offers allows crypto exchanges to stay ahead of the competition by reaching thousands of new customers in emerging markets. In total, the service supports more than 130 alternative payment methods, such as B. local debit and credit cards, cash, online bank transfers and Electronic Funds Transfers (EFTs).

Huobi recently increased its exposure 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 into its global platform. However, the eight-year-old startup will retain its branding and continue to operate independently from its current management team.

The leading crypto platform said the acquisition strengthens its breadth and depth as the company strives to unlock 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 into Latin America.

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