Huobi signs strategic partnership with Poloniex

The cryptocurrency exchange Huobi has established a strategic partnership with the trading platform Poloniex.

Huobi 🤝 @Poloniex

We’re thrilled to announce that Huobi has established a strategic partnership with @Poloniex

We will join together in multiple business aspects:

1. HT development
2. Project connectivity
3. Liquidity sharing
4. Global compliance

More coming soon…

— Huobi (@HuobiGlobal) November 30, 2022

According to a press release, the decision was taken by Huobi’s advisory council to bolster the platform’s globalization strategy.

“The two exchanges will cooperate across multiple business areas, including the HT native-token ecosystem, project connectivity, liquidity sharing, and global compliance, aiming to create the best trading platform in the world and win users’ trust,” the statement reads.

The company added that starting in December the advisory council will begin to evaluate all projects on Poloniex on a monthly basis. The best among them will receive a listing on Huobi, full support from the exchange, and access to its users.

In 2019, Justin Sun, founder of the Tron Foundation, together with a group of investors, acquired Poloniex. He initially denied his involvement in the deal.

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

According to journalist Colin Wu, the ultimate beneficiary of the purchase became Sun. The amount could have been up to $1 billion. The founder of the Tron Foundation said he did not participate in the deal. Representatives of the exchange clarified that he joined the advisory council.

Later, Sun stated a large stake in HT tokens and plans to support a rise in the asset’s value.

In November Wu, citing sources, reported a possible merger of Huobi and Poloniex. The founder of the Tron Foundation denied the rumours, but did not rule out such a development in the future.

Representatives of the exchange described the reports of a merger with Poloniex as categorically untrue.

Earlier in November, Huobi announced a rebranding, under which it decided to drop the official name Huobi Global and focus on HT usage policy.

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