Cryptocurrency exchange Huobi Global is all about capital management based in Hong Kong. The announcement was shared by Huobi Global in a press release.
Huobi Global, a major player in the Asian crypto market, has been looking for an M&A deal for some time. However, the exchange decided to partner with About Capital, an asset management company in the Asia-Pacific region.
It is also expected to control a majority stake in Huobi Global about capital. In addition, Huobi Global will undertake new international brand promotion and business expansion initiatives after the acquisition.
Looking for a buy to post China’s crypto ban
Huobi was founded by Leon Li in 2011. Additionally, according to a Bloomberg report published in August 2022, Lee was considering selling his 60 percent stake for more than $1 billion. Tron [TRX] and FTX [FTT] There were two of the guards.
However, Lee closed the deal on capital. The terms of the capital deal were not disclosed.
“Over the past nine years, we have seen Huobi grow into one of the largest virtual value exchanges in the world. “We believe that the successful acquisition of the car by About Capital will contribute to Huobi’s global expansion in both aspects,” Li said in a press release.
A hidden blessing for Huobi
Huobi Global has performed extremely well during the 2021 crypto boom. The group now hosts two crypto-related entities. These include crypto trading firm Huobi Global, VC arm Huobi Ventures and crypto cloud solution Huobi Cloud.
The development had a positive effect on the price of Huobi Token (HT), the native cryptocurrency of the Huobi Global exchange. In the last 24 hours, the price has risen by 0.32% to $4.206 at the time of writing.
Source: CoinMarketCap