To enable Fiat payments in Latam, Huobi teams up with Astropay.

One of the largest exchanges in terms of volume traded, Huobi Global, has announced a cooperation to make buying cryptocurrencies simpler for its Latam-based consumers. The exchange has partnered with the payment services provider Astropay to enable consumers in Latam to buy bitcoin in a number of nations using fiat money.

Huobi Will Make Crypto Purchases Simpler in Latin America

Huobi wants to attract more Latam-based consumers who want to make their initial foray into the bitcoin market. The top cryptocurrency exchange has declared a cooperation with Astropay, a platform for processing payments, to enable consumers in Latam to buy cryptocurrency using fiat currencies in a few different nations.

Customers will be able to buy the assets in nations including Brazil, Mexico, Colombia, Chile, Peru, and Uruguay by using the wallet provided by Astropay. The business disclosed that a number of payment options, including bank transfers, credit and debit cards, and other payment methods, would be accepted. Support will also be provided for regionally specialized solutions like Pix in Brazil and SPEI in Mexico.

The business wants to provide a better experience for the increasing number of local clients. Chief financial officer of Huobi Global, Lily Zhang, commented on this as follows:

We have noticed a considerable growth in the number of new Huobi Global users from this area. Latin America is home to a youthful, dynamic population that is filled with enthusiasm for the cryptocurrency business.

Additionally, Zhang outlined the company’s objective, which is to “make the acquisition and trading of digital assets a secure, convenient, and joyful experience for everyone” with this step.

Making Jumps Through Hoops

Due to their inclusion of regional payment methods, local exchanges and P2P (peer-to-peer) services in the area have an advantage over Huobi in terms of user acquisition. Due to the difficulty in obtaining foreign or dollar-based debit cards in places like Venezuela, markets like Binance P2P have grown in popularity by enabling Venezuelans to buy cryptocurrency using their local fiat money. Argentina has also implemented exchange regulations that might limit the supply of foreign money.

Nevertheless, despite these issues, several Latam countries are among the top 20 nations with the highest adoption of cryptocurrencies, according to a recent research from Chainalysis. Argentina is included, and Brazil is stated as being in seventh place.

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