The native Huobi token is ramping up and effectively turning its back on a relatively dark time. With the bad weather the crypto ecosystem is going through, one of the best cryptocurrency exchanges manages to rise again after a new injection of capital and a new strategic advisory board.
Huobi token, forward to the green oscillators!
In recent transactions, the value of Huobi’s native token, Huobi Token (HT), has increased by 18%. This rise comes after the announcement of new investments in the Seychelles-based crypto exchange. Recently, Huobi founder Leon Li Lin sold his shares in the company to About Capital, a Hong Kong-based asset management firm.
This sale, of course, comes with a promise of additional investment. According to a Press release on the platform’s website, the move will allow the exchange to get a sufficient capital injection into its margin and risk provision fund. The announcement also states that prominent industry figures will join the adventure. But that’s not all !
The acquisition will lead to a whole series of new international initiatives. However, the changes will not be as drastic as one might think. Indeed, Léon Li Lin will lose his control over the crypto exchange platform. However, the blog post maintains that this decision will not affect Huobi’s business and operational management teams.
Although the exchange is not available for users based in China or the United States, this crypto exchange platform is gaining a little more popularity every day.
Ready for the next step
About Capital wasn’t the only one coveting Lin’s stake. Indeed, according to recent reports, two other key players in the sector wanted to buy the shares of the founder of Huobi. These include, among others, Sam Bankman-Fried, the founder of FTX and Justin Sun, the creator of Tron. Recall that the valuation of Leon Li Lin’s shares was between 2 and 3 billion dollars.
However, if today Huobi manages to arouse the interest of investors, this has not always been the case. As we have seen, the price crash has affected many trading platforms. The firm’s offered stablecoin, HUSD, has fallen about 15% in recent months from its expected $1 peg.
Although the crypto company claimed that the problem was not caused by deeper financial instability, it still reduced the number of tokens it offers. However, despite these complex situations, Huobi is currently the eighth largest exchange according to CoinGecko and it shows on its native token.
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