In Latin America, Huobi will support crypto-fiat operations.

Users in Brazil, Argentina, and Mexico will be able to buy crypto using cash thanks to a cooperation between Huobi Global and Settle Networks' Latamex.

Huobi Global, a renowned cryptocurrency exchange, is capitalizing on the failures of its competitors to expand into new markets.

The next chess move involves a collaboration with Latamex, Settle Network's on-ramp and off-ramp fiat-to-crypto payment gateway, with the purpose of facilitating fiat-to-crypto purchases and sells in Argentina, Brazil, and Mexico.

The exchange also launched a promotion for its users, allowing them to buy cryptocurrencies with no costs for the first month of service if they use fiat money.

A New Option For Crypto-Currency Transactions

According to Huobi's Director of Global Strategy, Jeff Mei, the exchange will get access to a market of 600 million prospective clients as a result of the cooperation.

“The Latin American market has a population of almost 600 million people, and we feel compelled to reach out to them. In this market penetration process, Settle will be a crucial partner for us. Our goal is to quickly and efficiently bridge the gap between fiat and crypto for dealers across the region.”

Latamex ensures that it will comply with all KYC and AML regulations in any country where it does business. Both the exchange and its users can be certain that they are protected by regulatory agencies in this way.

Settle Network's CEO, Pablo Orlando, expressed his delight as well. According to Latamex's claims, a cooperation like the one between Latamex and Huobi will be highly beneficial for new users who are looking for simple ways to get into crypto.

“Through our product Latamex, we provide financial infrastructure in a reliable, frictionless, and compliant manner for operating digital assets with domestic fiat money, assisting their Latin American users with simple access to cryptocurrencies.”

Settle Network, as its name suggests, is a Latin American settlement network that facilitates cross-border payments. Its interoperable infrastructure acts as a link between analog and digital assets.

Huobi vs. Binance

Binance and Huobi have a long history of rivalry, and a region as lucrative as Latin America has the potential to become a focus point for both firms as they seek to expand.

Binance hired Josh Goodbody, Huobi's former president of Europe and America, early last year. Goodbody was appointed director of European and Latin American expansion and institutional business by Chanpeng Zhao's exchange.

In these three nations, Binance already supports crypto-fiat transactions. Still, things don't appear to be going well.

Following differences with the exchange's worldwide management, the head of the Brazilian branch left a few weeks ago, and the exchange recently had to cease support for futures and derivatives in Brazil due to regulatory pressure.


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