One of the biggest crypto exchanges in the world in terms of trading volume, Huobi Global announced that it had entered into a partnership aimed at facilitating its customers based in Latin America.
According to the announcement, the exchange has partnered up with a payment services provider called Astropay, which will enable its clients in Latam to buy crypto with fiat currencies.
The aim of Huobi Global crypto exchange is to make it easier for its Latam-based clients to acquire cryptocurrencies.
It order to make it appealing for people to enter the crypto space for the first time, the leading exchange has disclosed that it is partnering with payment processing platform Astropay.
This will enable clients in selected countries of Latam to use their fiat currencies to buy crypto on the Huobi Global platform.
In order to buy the cryptocurrencies they want, people will be required to use their Astropay wallets. This service has been introduced to people based in Uruguay, Peru, Chile, Colombia, Mexico and Brazil.
The company also disclosed that they would offer support for a number of payment methods, which include bank transfers as well as debit and credit cards.
They will also support region-specific payment options for their clients’ convenience, such as SPEI in Mexico and the Brazilian Pix.
The aim of the company is to offer its customers in Latin American countries a better experience, as their numbers seem to be growing.
Huobi Global’s chief financial officer, Lily Zhang said that there is a vibrant and young population to be found in Latin American countries who have a great deal of interest in the crypto space.
She said that Huobi Global had seen a rise in the number of clients based in this region.
Furthermore, Zhang also said that the company wants to ensure that trading and purchasing of digital assets is a convenient, secure and enjoyable experience for all.
Competition and challenges
With this initiative, the Huobi Global crypto exchange would be directly competing with P2P (peer-to-peer) offerings and local exchanges in the region.
These have an advantage over the exchange because they also accept local payment methods. For instance, it is difficult to access dollar-based or international debit cards in Venezuela.
This is where Binance P2P has stepped up, as it allows Venezuelans to use their fiat currency for acquiring crypto.
Likewise, the availability of foreign currency could also be a problem in Argentina because of the exchange controls that are in place.
Nonetheless, these problems have not stopped the growth in popularity of cryptocurrencies in Latin American countries.
Chainalysis recently issued a report, which disclosed that Latam countries have made the list of the top 20 nations with the highest crypto adoption rate.
Brazil is listed in the seventh spot, while Argentina is also on the list. Therefore, it is not surprising that prominent crypto exchanges are taking an interest.
Recently, Binance also announced that it was setting up two offices in Brazil.