Huobi denies possible merger with Poloniex

The Huobi cryptocurrency exchange team, in an email newsletter, dismissed rumors of a possible merger with Poloniex. CoinDesk reports this.

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The information, Huobi said, was \”categorically untrue.\” The platform noted that the companies operate independently of each other.

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On November 25, journalist Colin Wu reported on a possible merger, citing his own sources. denied the information, but did not rule out such a development in the future.

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In 2019, the entrepreneur, as part of a group of investors, acquired Poloniex. Initially, Sun denied his participation in the deal.

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In October 2022, Huobi Global agreed to the sale of a controlling stake in the Hong Kong investment company About Capital Management. The financial terms of the parties were not disclosed.

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According to Wu, the ultimate beneficiary of the purchase was Sun. The amount could have been up to $1 billion. The founder of Tron stated that he did not participate in the deal. A exchange spokesperson noted that he had joined the advisory board.

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In late November, Huobi announced a rebranding, under which it would drop the official name Huobi Global.

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