Crypto exchange Huobi Global Founder Leon Li has agreed to sell the controlling stake he possesses in this China-based company in order to About Capital Management (HK) Co., which is a buyout firm. After the transaction is complete, the buyout vehicle of the firm will be responsible for controlling the majority of the crypto exchange’s stake. The aforementioned information was revealed by li himself on Friday, October 7, 2022.
The latest crypto exchange news is significant enough since the transfer of stake and responsibility will not affect the platform’s daily operations in any way. This is because the transaction will only be concerning the change of the controlling shareholder. Therefore, the core operations of this crypto trading platform would remain the same. Moreover, even the business management team of crypto exchange Huobi Global doesn’t need to worry about undue alterations in the company’s working or policies.
The crypto market has been seeing sudden and sheer downfalls for months now. The crypto winter isn’t ceasing it seems. This is why many negative crypto news updates come in every now and then. But the reason for this act of Li is still not known. Was it some kind of a managerial decision or not is still unclear. However, he had been thinking of selling about 60% of his stake in the company back in August this year. Therefore, this latest crypto exchange news might not be a surprise.
About Crypto Exchange Huobi Global
The crypto trading platform, Huobi Global, defines itself as one that allows:
“100 million households around the world own digital assets. Founded in 2013, Huobi Group is a world-leading company in the digital economy industry, with a mission to make breakthroughs in core blockchain technologies and integration of blockchain technology with other industries. Surrounding the upstream and downstream sectors, Huobi Group has expanded into industry blockchain, public chain, digital assets trading and wallet, digital economy research, etc., and has established a global industry ecosystem for the digital economy.
With the principle of globalization, professionalism, compliance, and diversification, Huobi Group is dedicated to providing safe and trustworthy Internet of Value (IoV) services to its tens of millions of users in more than 100 countries and regions.”
The exchange lists over 400 cryptocurrencies including the crypto behemoths Bitcoin (BTC) and Ethereum (ETH). Therefore, it is one of the adored platforms where more trading options are considered.