Justin Sun does not rule out a merger between Huobi and Poloniex

Cryptocurrency exchanges Huobi and Poloniex could merge in the future. Justin Sun, founder of Tron, said this in a comment for The Block.

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On November 25, journalist Colin Wu, citing his own sources, reported plans to merge the two platforms.

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The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with his recently acquired Huobi exchange, according to sources familiar with the matter. Coingecko shows that Poloniex’s daily spot trading volume is only 1/10 of Huobi’s. Exclusive

— Wu Blockchain (@WuBlockchain) November 25, 2022

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Sun refuted the information and clarified that both companies remain independent. However, in the future he did not rule out such development.

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

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

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According to Wu, the ultimate beneficiary of the purchase became Sun. The amount could have been up to $1 billion.

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The founder of Tron said he did not participate in the deal. Exchange representatives clarified that he became one of the members of the company’s advisory board.

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According to Wu, the entrepreneur addressed the platform’s staff. In his speech, he said the strategy would revolve around the exchange token HT and the company would not return to the Chinese market.

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Subsequently, Huobi announced a rebrand and the \”maximum use of HT\” to develop the exchange. The press release cited Sun only.

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The latter, who is currently Grenada’s ambassador to the WTO, added a link to Huobi in his Twitter profile.

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Over the last 24 hours, Huobi’s spot trading volume stood at about $283.4 million. The platform ranks seventh on CoinGecko’s list of exchanges. Poloniex’s corresponding figure was $36.1 million.

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Earlier, denying the purchase of Huobi, Sun acknowledged that is a major holder of HT and plans to help boost the asset’s price.

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