Huobi Global, the largest exchange in terms of volume traded, announced a partnership to make it more convenient for Latam-based customers who want to purchase cryptocurrencies. Astropay, a payment platform that allows customers to buy cryptocurrency in Latam with fiat currencies, has been partnered with the exchange.
Huobi wants to make it more attractive to Latam-based customers looking to enter the cryptocurrency markets for the first. Recently, the leading crypto exchange announced its partnership with Astropay. This payment platform allows customers in Latam, to buy crypto using fiat currencies in certain countries.
This partnership will make it easier for users to purchase crypto with fiat currencies
Astropay wallet will be required to buy the assets. Customers can do this in Brazil, Mexico and Chile as well as Peru. According to the company, there will be support for various payment methods, such as bank transfers and credit and debit cards. Other options, such as Pix in Brazil and SPEI Mexico, that are specific to a region will be supported.
The company aims to provide a better service for customers who are based in the region. Huobi Global’s chief financial officer Lily Zhang stated that this is the reason:
Latin America is home to a vibrant, young population that is enthusiastic about crypto and we have seen a significant rise in Huobi Global users hailing from this region.
Zhang stated that the company’s goal is to make the purchase and trade of digital assets “a secure, convenient and enjoyable experience for everybody.”
Huobi is now competing with local exchanges in the region and P2P (peer to peer) offers in this area. Huobi has an advantage in acquiring users because they accept local payment options. Access to dollar-based or international debit cards in countries such as Venezuela is difficult. This makes it possible for markets like Binance to reach Venezuelans, who can purchase crypto using their fiat currency. Argentina has also experienced exchange controls, which might impact the availability of foreign currencies.
However, despite these issues, Latam countries are among the top 20 most crypto-adopted countries, according to the report by Chainalysis. Brazil is ranked seventh, while countries such as Argentina are also included.