Crypto exchange Huobi Global has announced that it has sold its main governing stake to Hong Kong-based About Capital.
According to the agreement, Huobi sold its management shares to About Capital. About Capital, which will acquire the majority shares of the crypto exchange, will retain the management rights. However, according to the company, this agreement will not affect business operations.
Crypto Exchange Huobi Views Share Sale Positively
Crypto exchange Huobi announced in its blog post that it has sold its majority stake to About Capital. The company stated that this sale only covers management shares. Huobi, one of the world’s largest cryptocurrency exchanges, has not taken over its core operations and business management teams. About Capital will control majority shares of the stock market
It is not known how much the company will receive from this deal, which previously valued $1 billion for its 60 percent stake in the crypto exchange.
The crypto exchange is looking at this share sale positively. The company will use the proceeds for development and growth in the crypto industry. It will also contribute to margin and venture funds. Wanting to strengthen in the increasing crypto competition, the company focused on announcing its brand as part of its global expansion.
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