Huobi Global is one of the largest cryptocurrency exchanges in the world. According to Messari, it is the eighth largest crypto exchange by total trading volume. The exchange was founded by Leon Li who was the main shareholder. Recently, the latter sold his stake in the company. Find out what it is.
Leon Li sells 100% of his shares
On October 8, 2022, Huobi Global has published a statement on the recent transaction of its founder. The company explained that Leon Li sold all his shares to the investment company About Capital. The shares sold by Li are valued at $1 billion. With this transaction, the founder of Huobi will no longer be involved in the business of the company. He will now have a role of crypto consultant.
Huobi Global said: “ the transaction involves only the change of majority shareholder “. He clarified that this does not affect his operational and commercial management teams. “According to About Capital, after the transaction, Huobi Global will adopt a series of new international brand promotion and business expansion initiatives. […]as well as measures to further strengthen the competitiveness“, he added.
What role did Justin Sun play?
You should know that the main investor of About Capital is the founder of Tron, Justin Sun. According to Chinese journalist Colin Wu, Sun would be the real buyer shares of Leon Li. But, the founder of Tron claimed that this is not the case. Despite everything, we see that with the transaction, he is now one of the advisers worlds of Huobi. Moreover, he announces that the development of thetokenof Huobi is the main focus of the acquisition.
It appears that this is not the first time that Sun has intervened in the acquisition of a crypto exchange. Indeed, in 2019, the stablecoin issuer Circle sold him the cryptocurrency exchange Poloniex. At the time, Sun initially denied taking over the platform.
Huobi Global was careful not to disclose the terms of the recent transaction with About Capital. In addition, the company plans to set up a new base in Europe. Last year, it moved its spot trading operations to a subsidiary in Gibraltar, a British overseas territory.
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