The popular cryptocurrency exchange Huobi Global is taking advantage of its competitors’ setbacks to break into new markets.
The latest chess move involves a partnership with Latamex —Settle Network’s on and off-ramp fiat-to-crypto payment gateway— with the goal of enabling purchases and sales of cryptocurrencies with fiat money in Argentina, Brazil, and Mexico.
The exchange also announced a promotion for its customers: It will allow them to buy cryptocurrencies with zero fees as long as they use fiat money during the first month of this service.
A New Option For Crypto-Fiat Operations
According to Jeff Mei, Huobi’s Director of Global Strategy, as a result of the partnership, the exchange enters a market of 600 million potential customers.
“Latin American market holds more than 600 million people and we feel the need to reach them. Settle will be a key partner for us in this process of market penetration. Our objective is to bridge this gap between fiat and crypto for traders throughout all the region in a fast and efficient way”.
Latamex guarantees to comply with all KYC and AML requirements in each of the countries in which it operates. In this way, both the exchange and its users can rest assured that they have the proper protection from regulatory bodies.
Pablo Orlando, CEO of Settle Network, also expressed his excitement. On statements shared by Latamex, he assured that a partnership like the one between Latamex and Huobi will be very helpful for those new users who need easy ways to get into crypto.
“We provide financial infrastructure in a reliable, frictionless and compliant way to operate digital assets with domestic fiat money, helping their Latin American users with simple access to cryptocurrencies through our product Latamex”.
As it name implies, Settle Network is a settlement network exchange and cross-border payments in Latin America. Its interoperable infraestructure serves as a bridge between traditional and digital assets.
Binance Vs. Huobi
The competition between Binance and Huobi is not new, and a market as lucrative as the Latin American one has enough potential to become a focal point for both companies as they try to expand.
Already early last year, Binance hired Josh Goodbody, Huobi’s former head of Europe and America. The exchange owned by Chanpeng Zhao gave Goodbody the position of director of European and Latin American growth and institutional business.
Binance already offers support for crypto-fiat operations in these three countries. Still, things don’t seem to be looking too good.
A few weeks ago, the head of the Brazilian branch resigned after conflicts with the global directors of the exchange, and recently the exchange had to suspend support for futures and derivatives in Brazil after heavy regulatory pressure.
Now, with competition from Huobi, Binance’s challenge becomes even more challenging.
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