Friday, December 9, 2022
HomeEntertainmentCrypto exchange Huobi co-founder plans to sell majority stake of its firm...

Crypto exchange Huobi co-founder plans to sell majority stake of its firm at whopping valuation $3 billion

The co-founder of the global cryptocurrency exchange Huobi, Leon Li, is supposedly in discussions with a group of investors to sell most of his controlling ownership at the valuation of $3 billion. This might be the largest buyout in the market since a $2 trillion global crypto crash began.

Huobi co-founder Leon Li plans

According to information Li held negotiations with numerous financiers about selling a 60% shareholding in the crypto firm he created then a decade ago. As per sources, Tron creator Justin Sun and crypto-billionaire Sam Bankman-FTX Fried’s are among others who have had early discussions with Huobi regarding a share transfer.

During a stakeholder meeting in July 2022, Li allegedly notified other corporate investors about his plans. The sources have also informed that the agreement might be concluded by the end of this month. Once completed, it might be one of the largest transactions since the crypto market upheaval began in May 2022. The recent market breakdown has also presented an opportunity for crypto behemoths like FTX, which has pledged $1 billion in rescue funds to crypto exchanges battling to stay afloat due to massive losses and a shortage of money.

Li is hopeful that the new equity holders will be much more resourceful, and will cherish the Huobi brand. 

About Huobi 

Huobi was founded in 2013, and its everyday volume of trade currently exceeds $1 billion. Following the shutdown of the BTCC crypto exchange, it grew in popularity and quickly became a hub for Chinese crypto dealers. After the Beijing authorities declared all crypto transactions unlawful and prohibited international exchanges from selling their services, the exchange finally closed its doors to Chinese consumers.

Read More on CryptoShrypto:



Please enter your comment!
Please enter your name here

3 × 3 =

- Advertisment -

Most Popular