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Huobi Partners With Astropay to Facilitate Fiat Payments in Latam

Huobi Partners With Astropay to Facilitate Fiat Payments in Latam

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Huobi Global, one of the largest exchanges by traded volume, has announced a partnership to make it easier for its Latam-based clients to acquire cryptocurrencies. The exchange has partnered with payment service platform Astropay to enable Latam customers to buy cryptocurrencies with fiat currencies in several countries.

Huobi makes buying crypto easier in Latam

Huobi’s goal is to be more attractive to Latam-based customers who want to enter the cryptocurrency market for the first time. A leading crypto exchange has recently announced a partnership with Astropay, a payment processing platform, to enable Latam customers to purchase cryptocurrencies with fiat currencies in selected countries.

Customers must use Astropay’s wallet to purchase assets and can do so in countries such as Brazil, Mexico, Colombia, Chile, Peru and Uruguay. The company announced that various payment methods are supported, including credit and debit cards, as well as bank transfers. Regional options such as Pix in Brazil and SPEI in Mexico are also supported.

The company strives to offer a better experience to the growing number of customers in the area. Huobi Global CFO Lily Zhang stated about this:

Latin America requires a young and vibrant population full of enthusiasm for the crypto industry, and we have seen a significant increase in the number of new Huobi Global users from this region.

In addition, Zhang explained that the company’s move aims to make “buying and trading digital assets a safe, convenient and enjoyable experience for everyone.”

Jumping 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 user acquisition because they accept local payment options. In countries like Venezuela, access to international or dollar-based debit cards is difficult, boosting the reach of marketplaces like Binance P2P, allowing Venezuelans to acquire crypto with their fiat currency. Argentina has also had currency regulations that may affect the availability of foreign currency.

However, even with these problems, some Latin American countries are on the list of the top 20 countries using cryptocurrencies according to a recent report by Chainalysis. Brazil is seventh on the list, and countries such as Argentina are also included.

What do you think of Huobi’s alliance with Astropay to facilitate fiat-to-crypto transactions in Latam? Let us know in the comments section below.

Source: Bitcoin.com



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