Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

abdelaziz Fathi

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.

Read this next

Education, Fintech, Inside View

How to Get Into Fintech: Best Tips to Succeed

The Fintech sector is experiencing significant growth, with fresh opportunities emerging rapidly.  Innovations such as machine learning and cryptocurrency are revolutionising finance, leading to a need for trained experts.

Digital Assets

FalconX launches Prime Connect on Deribit

“We are pleased to launch Prime Connect with Deribit and look forward to providing our full suite of prime services which allow institutions to confidently scale their digital assets portfolios while trading on exchanges.”

Retail FX

Lion launches multi-currency trading accounts powered by AI

The core advantages of multi-currency trading account services include enabling significant cost savings and higher efficiency for investors.

Inside View, Interviews

Interview: Stanislav Bunimovich on Finalto’s white label solution

To explore what makes Finalto’s white-label solutions stand out in such an incredibly competitive market, Finalto sat down with its Chief Operating Officer, Stanislav Bunimovich, for an interview. 

Digital Assets

Talos acquired Cloudwall for a better portfolio management system

Cloudwall’s additional expertise in portfolio risk systems further positions Talos at the forefront of portfolio management systems across spot, futures, perps, and options.

Digital Assets

Bybit’s Bitcoin market share explodes, up by 400%

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Crypto Insider

Why Self-Custody is the Key to Secure Crypto Trading

Crypto trading is fast gaining popularity; as of writing, the total market capitalization stands at $2.3 trillion, double what it was at the onset of the 2021 bull market.

Industry News

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

‘Kube Trading’ allegedly received around £2.67 million for FX trading and concealed significant losses from investors.

Market News

AUD/USD Soars Following Inflation Report

Australia’s CPI surge hints at prolonged tight monetary policy. Watch the Aussie dollar as US economic data looms.

<