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- Huobi Global announced its acquisition by an investment company
- Justin Sun is the real buyer behind the giant acquisition
- According to reports, The price of the acquisition was about $ 1 billion
Huobi Global is a china-based cryptocurrency trading exchange company founded in 2013 by Leon Li. The company allowed users to buy all types of cryptocurrencies, like Bitcoin, and Ethereum, very swiftly. Huobi Global used to be one of China’s top crypto exchanges, but now the company is about to be taken over by an investment company.
On October 8, Huobi Global, a cryptocurrency trading exchange company, announced Huobi Global’s acquisition by an investment company. The company publicizes that the controlling shareholders of Huobi Global have already completed the transactions to sell the complete shareholding to the firm, About Capital Management.
An About capital Management firm is a hong kong based fund management firm. As per the reports that have been roaming around, Chinese cryptocurrency entrepreneur Justin Sun can be the actual buyer. Justin Sun is a Chinese cryptocurrency entrepreneur as well as he is also a business executive. Justin Sun is the permanent representative of Grenada to the WTO. He is the founder of TRON, which is a blockchain DAO ecosystem.
On Sunday, October 10, many reports professed that Justin Sun was the investor behind this giant acquisition. Later on the same day, Sunday, October 10, Justin Sun informed everyone through Twitter.
“I am very honored to be appointed as a member of the Global Advisory board of Huwai Global and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of Global expansion full sail ahead.
After the tweet, Huwai Global also tweeted and announced the name of all the additional members of the advisory board, which includes Ted Chen, who is the CEO of About capital, a fund management firm, Du Jun, Co-founder of Huobi Global; Wang Yang, vice-president of the hong kong university of science and technology and Leh Wald, CEO of Valkyrie investments,
WU reports about the acquisitions.
According to the WU report, Sun actively participated on October 8 at the delivery site, and the acquisition price was about $1 billion. WU reports also stated that this move of Justin Sun may punch BINANCE, a cryptocurrency exchange that is also known as one of the largest in the world for the daily trading volume of a cryptocurrency. It has supported Justin sun previously. Reports also stated that SBF Sam Bankman-Fried, CEO of FTX, has also invested in helping Justin Sun. Although despite this, SBF denied all the rumors
According to WU reports, “Justin Sun and the FTX CFO have also communicated together during an event last month which was held in singapore to amass Huobi,” and there has been no confirmation or denial of the news by FTX.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
