Leon Li, the CEO of the Huobi exchange, will sell his stake in the company, or 60% of the shares. A decision motivated by the difficulties encountered by the exchange after the bear market and the ban on cryptocurrencies in China. Sam Bankman-Fried and Justin Sun would be among the possible buyers.
Huobi Global is Navigating Troubled Waters
lion lithe founder of the exchange Huobiis currently in talks with several institutions and investors to sell your stake in the company, or 60% of the shares. According to Bloomberg, the transaction could Raise Huobi’s valuation to $3 billion.
Leon Li’s intentions had been briefly leaked in early July, as the platform found itself in serious difficulty in fulfilling its obligation tostop serving Chinese customers due to local regulations. Huobi would then have registered a substantial drop in his income, which could also lead him to lay off 30% of its staff in Chinaaccording to the journalist Colin Wu (known as Wu Blockchain).
Sam Bankman-friedthe CEO of FTX, and justin sunthe founder of tron (TRX), would be among the potential buyers. Justin Sun, however, disputed the facts reported by Bloomberg.
We have not addressed any issues related to the Bloomberg story at this time.
— SE Justin Sun🌞🇬🇩 (@justinsuntron) August 12, 2022
by his side, Sam Bankman-Fried did not deny it. Such an acquisition on its part would make sense, as it said last May that FTX could implement “ billion dollar acquisition », being a priori in good condition the treasury of the stock market. In addition, he has demonstrated the financial capacity of his company by recently proposing the acquisition of Celsius Network and Voyager Digital.
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A sale soon to be finalized
According to people familiar with the matter who wished to remain anonymous, the sale of Leon Li’s shares could come into force at the end of August. Zhen Fund and Chinese Sequoia2 of the main sponsors of Huobi, were notified of the decision of the founder at a meeting in July.
According to a company spokesperson, who said few details could be revealed at this time, Leon Li hopes that future buyers will manage to turn around the sick exchange :
“He hopes that the new shareholders will be more powerful and resourceful, value the Huobi brand, and invest more capital and energy to drive Huobi’s growth.” »
This operation, which would generate a profit of around one billion dollars, would be theone of the largest achieved in the history of cryptocurrencies.
Since the ban on cryptocurrencies in China, Huobi has extended to Dubai, New Zealand and plans to expand into the United States.
The exchange, which nevertheless remains one of the largest on the market, publishes on average over $1 billion in daily traded volume. his file, the HTobserved an increase of 25% after the publication of the Bloomberg dispatch. Its price today is 5.3 dollars.
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