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Huobi Partners With Astropay To Facilitate Fiat Payments In Latam – Exchanges Bitcoin News
Huobi Global, one of the largest exchanges by traded volume, has announced a partnership to make it easier for its Latam-based customers to acquire cryptocurrencies. The exchange has allied with Astropay, a payment service platform, to allow customers in Latam to buy cryptocurrency with fiat currencies in several countries.
Huobi to make crypto easier to buy in Latam
Huobi aims to be more appealing to Latam-based customers who want to enter the cryptocurrency market for the first time. The leading crypto exchange has recently announced a partnership with Astropay, a payment processing platform, to allow customers in Latam to buy crypto using fiat currencies in selected countries.
Customers must use Astropay’s wallet to purchase the assets, and have the option to do so in countries such as Brazil, Mexico, Colombia, Chile, Peru and Uruguay. The company informed that various payment methods would be supported, including credit and debit cards and bank transfers. Region-specific options such as Pix in Brazil and SPEI in Mexico will also be supported.
The company aims to offer a better experience for the growing number of customers based in the area. On this, Lily Zhang, CFO of Huobi Global, stated:
Latin America claims a young and vibrant population full of enthusiasm for the crypto industry, and we have observed a significant increase in the number of new Huobi Global users from this region.
Furthermore, Zhang explained that the goal of the company’s move is to make “buying and trading digital assets a safe, convenient and enjoyable experience for everyone.”
Jump through hoops
This initiative puts Huobi in competition with local exchanges and P2P (peer-to-peer) offerings in the region, which have an advantage in acquiring users due to their acceptance of local payment options. In countries like Venezuela, access to international or dollar-based debit cards is difficult, bolstering the reach of markets like Binance P2P, which allow Venezuelans to acquire crypto with their fiat currency. Argentina has also had exchange controls that can affect the availability of foreign currency.
But even with these issues, some Latam nations are in the top 20 list of countries with the highest cryptocurrency adoption, according to a recent report issued by Chainalysis. Brazil is listed as number seven, and countries such as Argentina are also present.
What do you think of Huobi’s alliance with Astropay to facilitate fiat-to-crypto transactions in Latam? Tell us in the comments section below.
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