Crypto exchange Huobi Global is set to be acquired by Hong Kong-based About Capital Management. The announcement was shared by Huobi Global through a press release.
A major player in the Asian cryptocurrency market, Huobi Global has been looking for a M&A deal for some time now. However, the exchange decided to partner with About Capital, an asset management firm in the Asia Pacific region.
In addition, About Capital is expected to control a majority stake in Huobi Global. In addition, Huobi Global will implement new global brand promotion initiatives and business expansion initiatives after the acquisition.
Looking for acquisition after cryptocurrency ban in China
Huobi was founded by Leon Lee in 2013, with the group emerging as one of the world’s largest cryptocurrency exchanges over time. In addition, according to a Bloomberg report published in August 2022, Lee had considered selling his 60 percent stake for more than $1 billion. throne [TRX] and FTX [FTT] They were two potential acquirers.
However, Lee closed the deal with about the capital. Terms of the deal with About Capital were not disclosed.
“Over the past nine years, we have witnessed Huobi’s rise to one of the largest virtual asset exchanges in the world. We believe the successful acquisition of About Capital will contribute to Huobi’s global expansion on both sides,” Lee said in a press release.
blessing to my hubby
Huobi Global did very well during the crypto boom of 2021 before the outright ban by China on all crypto-related transactions. The group now operates two crypto-related entities. These include crypto exchange Huobi Global, venture capital arm Huobi Ventures and Huobi Cloud cryptocurrency solution.
The development has cast a positive spell on the price of Huobi Token (HT), the local cryptocurrency on the Huobi Global Exchange. In the last 24 hours, its value increased by 0.32% to $4.206 at the time of writing.