About Capital will buy the majority stake. As the new majority shareholder, the company intends to support Huobi’s international brand promotion & business expansion among other initiatives.
After a successful buyout, crypto exchange Huobi Global announced the acquisition of About Capital Management (HK), a Hong Kong-based asset management company.
The Huobi’s new controlling shareholder is About Capital. However, the exchange stated the transition would not have any impact on the core operation or business management teams.
About Capital, as a majority shareholder, intends to support Huobi’s international brand promotion efforts and business expansion initiatives.
“Huobi Global will be able to offer first-class investment and trading services to international investors once the initiatives are completed.”
About Capitals revealed plans to create a global advisory board, led by industry leaders.
In August, Sam Bankman Fried, CEO of crypto exchange FTX denied a Bloomberg report claiming that FTX planned to buy Huobi. Huobi ended the announcement by pointing out its exit from China.
Huobi Global was the third major cryptocurrency exchange that signed a blockchain ecosystem agreement with Busan, South Korea on Sept. 14.
Huobi has officially announced that the partnership will provide financial support, research and development, as well as technology and financial support to the Busan Digital Currency Exchange. Huobi will also assist with the recruitment and selection of blockchain talent for Busan’s exchange.
