Raullen Chai runs listeners through a fascinating journey from academia to the corporate world and into the crypto and blockchain space. In a very down-to-earth interview on Spotify with Wagmi Ventures Lead Investor Tanner Gesek, Dr. Five years ago, several scientists and a VC expert came together to create what would become one of the world's most advanced IoT blockchains. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.įrom its inception in late 2017 to date, IoTeX has evolved significantly.
We believe the successful acquisition by About Capital vehicle will contribute to Huobi’s global expansion in both aspects.”ĭisclaimer: This article is provided for informational purposes only. “Following Huobi’s exit from the Chinese mainland market in 2021, we have accelerated our globalization push amidst a challenging market environment, which adds to the impetus for Huobi to seek a new shareholding structure with a global vision and international resources. Huobi founder Leon Li added in a statement,
While exact deals around the transaction are not available, the deal will allow Huobi access to much-needed capital, which will help the exchange weather the storm, and address its financial concerns, while also helping it go global and compete with other exchanges on the world stage. The platform had to lay off a significant part of its workforce, as the halt of its operations in China seriously impacted the company’s revenues. Huobi bore the brunt of the sudden ban and regulatory hurdles, given that many customers were based in China. However, before the crackdown, Binance had started its foray into the global markets. Huobi Global and rival exchange Binance had stopped tending to Chinese customers since the country announced the ban.
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“Huobi Global will embrace a series of new international brand promotion and business expansion initiatives, including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.” This includes the flagship Huobi Global, a crypto cloud service, and a venture capital arm, Huobi Ventures.Ībout Capital shared some details about the impact on Huobi after the acquisition, stating, The parent firm, Huobi Group, is currently operating several crypto-related entities. However, China declared all cryptocurrencies illegal in 2021. Huobi Global was founded in 2013 and reached staggering heights riding on the Chinese crypto boom. “About Capital’s buyout won’t affect Huobi’s core operation and business management teams.” According to the Asia-based exchange, there are also plans to create a risk provision fund for capital infusion. Part of this strategy includes creating a global strategic advisory board, which would be led by leading figures from the industry.
The exchange stated that it would now focus on expanding its business internationally. The change of ownership on Huobi will not impact the exchange’s primary operations. This put the value of Huobi at $3 billion. The deal confirms earlier reports that Huobi founder Leon Li was looking for buyers to purchase his majority stake, valued at $1 billion. The firm was started by Ted Chen, who is also the figure behind Greenwoods Asset Management, a major Chinese hedge fund giant. Huobi is being acquired by Hong Kong-based investment firm About Capital. Takeover By Hong Kong-based Investment Firm Asian crypto exchange Huobi has announced that its controlling shareholder has completed the transaction, selling its entire stake to About Capital.Īlthough financial terms around the deal have not been disclosed, Huobi has revealed a detailed plan for expanding its business internationally.
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