Huobi Global To Be Acquired By About Capital Management
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About Capital To Acquire Huobi Global
When the acquisition concludes, About Capital would "hold the majority interest" in Huobi, according to a blog post by Huobi, a top-10 exchange by trading volume. The business said the ownership shift would not affect trading activities.
Commenting on the acquisition, Ted Chen, CEO of About Capital, said,
"We are very pleased to complete the transaction. Huobi Global offers millions of international users the best-of-breed virtual asset investment services."
Huobi To Sell 60% Stake
The information was revealed after months of rumors and speculative allegations that Huobi's founder Leon Li was looking for a buyer for his approximately 60% stake and was demanding at least $1 billion. The agreement's conditions with About Capital were not made public. Sam Bankman-Fried, the founder and CEO of FTX, put an end to reports that he would be buying the exchange by officially denying any such plans in late August.
According to the blog post, the exchange plans an international expansion under the new ownership and would get an "injection of appropriate money in margin and risk provision fund."
Founded in 2013, Huobi Global is one of the largest virtual asset exchanges in the world. The crypto exchange serves millions of users across international markets. Across worldwide markets, Huobi provides services to millions of people.