Capital: Huobi Founder Sells Stake to Hong Kong Fund

According to a Saturday press statement, Leon Li Lin, the Chinese creator of the Huobi cryptocurrency exchange, has stated that he will be handing over his interest to the Hong Kong fund About Capital.

"I am no longer a stakeholder of Huobi Global and have no power, directly or indirectly, over Huobi Global," Li stated in the statement, adding that the new controlling shareholder "will provide fresh vigour to the company's internationalisation."

According to a corporate statement, once the acquisition is concluded, Huobi wants to "embrace a series of new worldwide brand marketing and business expansion efforts," which will entail financial injection. that the change in share ownership will not have an impact on the team's basic operations or business management

In a media interview, a representative of Huobi Global stated that the value of the transaction could not be divulged.

Huobi Global was created in 2013, and since then, it has climbed to become one of the world's top cryptocurrency exchanges, until the Chinese government's crackdown on cryptocurrencies forced the firm to relocate its headquarters outside of the nation.

Although some Chinese customers are still able to circumvent the laws and use Huobi's services in China, the number of users of the exchange has decreased significantly since the China crypto crackdown.