Huobi Global, a major cryptocurrency exchange, will be acquired by investment giant About Capital

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Last Updated on October 8, 2022 by Bitfinsider

Bitcoin exchange giant , Huobi Global, said late Friday that it had consented to be acquired by the M&A fund of Hong Kong-based investment firm About Capital Management.

When the acquisition concludes, About Capital will “hold the majority stake” of Huobi, according to a blog post by Huobi Global, a top-10 exchange by trading volume. The exchange said the ownership shift will not have an effect on trading activities.

The announcement follows months of rumors and speculating that Huobi’s founder Leon Li was looking for a buyer for his approximately 60% ownership in the company and was demanding at least $1 billion. The agreement’s terms with About Capital were kept under wraps.

According to the blog post, the exchange is planning an international expansion under the new ownership and will get a “injection of sufficient capital in margin and risk provision fund.”

Li, who established Huobi in China in 2013, said in a statement that the exchange’s exit from the Chinese mainland in late 2021 marked the beginning of a push toward globalization that will now pick up speed under About Capital. The announcement caused the native token of Huobi, HT, to spike.

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