Deal to buy controlling stake in Huobi founder finally completed
Control of the exchange will go to wealth management firm About Capital
New owner plans to launch a number of international initiatives on the platform
Cryptocurrency exchange Huobi announced on Saturday, October 8, that founder Leon Lin has sold a controlling stake. It was bought by Hong Kong-based money management firm About Capital.
Recall that Leon Lin announced his plans back in early August. At that time, Justin Sun (founder of Tron) and Sam Bankman-Fried (head of FTX) claimed the role of buyer of his share.
However, SBF later denied rumours of a purchase of Huobi. It is now clear that control of the firm will go to Hong Kong firm About Capital.
It entered the market back in 2008. The company specializes in long-term investments and is among the most profitable funds in Asia.
According to a spokesman for About Capital, the change in management will not affect the operating activities of the stock exchange. However, at the same time, the firm has global plans for Huobi.
In particular, the company wants to increase its financial backing, organise a strategic board and implement a number of initiatives to scale and promote the site’s brand.
“This agreement marks a new chapter in the history of Huobi Global. Over the past nine years, our company has become one of the largest digital asset platforms. We are now experiencing a push towards globalisation and this has required us to find new shareholders with international resources and a broad market vision. The deal with About Capital will help Huobi grow on both fronts,” said Leon Lee.
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