Huobi Global is introducing a new strategy into the market competing with its rivals. The Settle’s Network is a payment gateway for buying cryptocurrencies with fiat currencies. Now, Huobi has joined hands with Settle Network’s Latamex to cover the users in Brazil, Argentina, and Mexico.
This deal enables the users in Latin America to purchase crypto with fiat currencies and also an added facility in the first-month service. Significantly, the exchange platform has announced promotions for customers which offer them to buy crypto with no-fees in the first month-service.
Huobi Global is a popular exchange platform globally. It offers services of trade and investment for over 100 virtual assets. Settle Network, on the other hand, enables users to purchase digital-assets with local currencies. Significantly, Settle’s Latamex is a wallet that gives the option for users to buy crypto with fiat covering Latin America.
Deal in Latin America Holds 600M People
As a result of this partnership, the Huobi exchange covers millions of potential users in the market. Huobi’s Director of Global Strategy, Jeff Mei explains that:
“The Latin American market is home to over 600 million people, and we feel compelled to reach out to them. Settle will be an important partner for us in this market penetration process. Our goal is to bridge the fiat-crypto divide for traders across the region in a timely and efficient manner.”
Moreover, Latamex assures that it will comply with AML and KYC regulations wherever it operates. Thus, it will give confidence to both platform users regarding the proper protection from regulators. In fact, this crypto-with-fiat option will be extremely beneficial for users seeking a simpler way to purchase crypto-assets.
However, Huobi covers Latin American customers but Binance did it a long time ago integrating this option in its platform. Binance already supports the crypto-with-fiat option and now Huobi enters the market with the same option competing with Binance. Binance, on the other hand, did not see the option as promising, but let us wait and see what Huobi Global has to say.