Huobi Global, a cryptocurrency exchange, announced that About Capital Management (HK) Co. Following a successful buyout deal, a Hong Kong-based asset management firm became the exchange's controlling shareholder.

While the transaction of an undisclosed amount establishes About Capital as Huobi's new controlling shareholder, the exchange stated that the transition would have no effect on core operations or business management teams.

About Capital intends to fuel Huobi's international brand promotion and business expansion initiatives as a majority stakeholder, stating:

“Upon successfully implementing the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.”

About Capitals also revealed plans to create a global strategic advisory board "led by leading industry figures," in addition to other initiatives such as establishing a margin and risk provision fund and measures to improve the exchange's competitiveness.

Previously, in August, Sam Bankman-Fried, CEO of crypto exchange FTX, denied a Bloomberg report claiming that FTX was planning to buy Huobi. Huobi concluded its announcement by emphasizing its departure from China.

Huobi Global, the third major cryptocurrency exchange, signed a blockchain ecosystem development agreement with the South Korean city of Busan on September 14.

development, technology, and financial support to the Busan Digital Currency Exchange. Huobi will also assist in identifying and hiring blockchain talent for Busan's local exchange.

What do you think about this new development? let us know by sharing this article on your social media channels.

Posted 
Oct 8, 2022
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