Since the ban, Huobi Global and its competitor Binance have ceased serving Chinese clients. There are 131 million HT tokens in circulation, giving it a market cap of $560 million and a position of 74 among all crypto coins. However, HT has suffered in the bear market alongside its peers, falling 89% from its all-time high of just under $40 in May 2021. At the time of writing, HT was trading at $4.28, in contrast to today’s negative market trend. The purchase news has boosted HT’s price and other joined entities.Īccording to CoinMarketCap, the price of Huobi Global’s native HT token has increased by 3.3% over the past twenty-four hours. HT Token price reactionĪccording to CoinGecko, Huobi Global currently offers 647 coins, 970 trading pairs, and a 24-hour volume of $568 million. In addition, Huobi is planning to assist Busan’s local exchange in identifying and recruiting blockchain talent. The company will provide research and development, technology, and financial support to the Busan Digital Currency Exchange, according to an official announcement from Huobi. Largest crypto exchange in Greater China with 20m+ users before Beijing’s crypto ban forced them to exit China. Just in: About Capital Management's M&A Funds in Hong Kong has acquired Huobi, once the September 14 saw Huobi Global become the third major crypto exchange to sign a blockchain ecosystem development agreement with the city of Busan, South Korea. Huobi concluded its announcement by noting its departure from China. We are confident that the holistic approach to rebuild Huobi Global as the premier international virtual asset exchange would solidify both the recognition and trust of Huobi’s international users. We believe the virtual asset industry is still in its early stage and there is tremendous upside for long term growth. Huobi Global offers the best of breed virtual asset investment services to millions of international users. We are very pleased to complete the transaction. About Capital’s CEO, Ted Chen had the following to say about the Huobi Global acquisition: About Capitals also revealed plans to establish a global strategic advisory board “led by industry leaders.” In addition, it has other initiatives, including the establishment of a margin and risk provision fund and measures to increase the exchange’s competitiveness.Īfter the purchase, Huobi Global will be well-positioned to provide premier trading and investment services to international investors upon the successful implementation of the initiatives. This confirms a previous Bloomberg report that the exchange’s founder, Leon Li, intended to sell his majority stake for more than $1 billion, valuing the exchange at $3 billion.Īnnouncement: "Huobi Global's Major Shareholder Completes Share Sale" /EUMZo6qJOE- Huobi October 7, 2022Ībout Capital intends to fuel Huobi Global’s international brand promotion and business expansion initiatives as its majority shareholder. These include its flagship crypto exchange Huobi Global, its venture capital arm Huobi Ventures, and a crypto cloud service.Īccording to the announcement, About Capital’s acquisition will have no effect on Huobi’s “core operation and business management teams.” The transaction involves only a change in the company’s controlling shareholders. Currently, the crypto giant entity leadership has resulted in selling the corporation and cutting its losses.Ĭurrently, the parent company Huobi Group operates an umbrella of crypto-related entities. Huobi Global has been retooling since leaving the country’s market in the wake of Beijing’s crypto ban. Huobi Global’s major shareholders’ complete sale Additionally, Chen established the Chinese hedge fund behemoth Greenwoods Asset Management. Huobi Global announced on October 7 that the sale of their entire shareholdings to About Capital Management had been completed.Ībout Capital Management (HK) Company has its headquarters in Hong Kong. Huobi Global, formerly the leading crypto exchange in China, has announced that an investment strategy firm has acquired it.
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