- With the change in ownership came a substantial increase in trading volume.
- Leon Li will no longer have any say in Huobi Global’s day-to-day operations.
On Saturday, Huobi Global said that its founder Leon Li has sold a majority of the company to About Capital Management of Hong Kong. Huobi claims the About Capital Management buyout entity will own the majority of shares. In addition, the change in Huobi’s controlling ownership does not affect the company’s fundamental operations or the management team.
The news caused a five percent increase in the price of Huobi Token (HT), which caused it to peak at $4.50. With the change in ownership came a substantial increase in trading volume.
Big Ambitions to Help Huobi Grow
As part of an agreement between Huobi founder Leon Li and About Capital Management, Huobi Global announced the change in controlling ownership in an official blog post on October 8. The crypto exchange, Huobi, has assured customers that there has been no change to the company’s executive or operational staff. After the deal closes, Leon Li will no longer have any say in Huobi Global’s day-to-day operations or any strategic choices.
The team at About Capital has big ambitions to help Huobi Global grow its worldwide presence and brand recognition. Some of the features of this package include a top-tier international strategic advisory board, increased funding for margin and risk provision funds, and plans to boost competitiveness.
With this funding, About Capital believes the cryptocurrency exchange can provide world-class trading and services to its clientele. After the Chinese government began cracking down on crypto, however, the situation deteriorated.
Huobi left China entirely on December 31st, 2021. All accounts belonging to anyone located inside mainland China were suspended by the cryptocurrency exchange. According to reports, Leon Li wanted to sell his 60% ownership for close to $3 billion.
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