Huobi Global’s New Ownership Structure
Crypto exchange Huobi Global has announced that Hong Kong-based asset management firm About Capital Management (HK) Co. Ltd has become the exchange’s controlling shareholder after a successful buyout deal. Though the transaction amount remains undisclosed, Huobi maintains that its core operations and business management teams will see no impact from this transition.
Strategic Intentions from About Capital
As the new majority stakeholder, About Capital aims to propel Huobi’s international brand promotion and business expansion initiatives. The firm stated, “Upon successful implementation of the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.” Additionally, the company plans to establish a global strategic advisory board, led by prominent figures in the industry, along with setting up a margin and risk provision fund to enhance the exchange’s competitiveness.
Previous Acquisition Rumors
In a separate context, it was previously reported in August that Sam Bankman-Fried, CEO of crypto exchange FTX, denied a Bloomberg article suggesting that FTX was planning to acquire Huobi. Following this, Huobi highlighted its exit from the Chinese market and reiterated its commitments to international expansion.
Collaboration with Busan City
On Sept. 14, Huobi Global became the third major cryptocurrency exchange to sign a blockchain ecosystem development agreement with Busan, South Korea. The partnership entails Huobi providing research, development, technology, and financial support for the Busan Digital Currency Exchange, while also assisting in identifying and hiring blockchain talent for the local exchange.
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