Crypto exchange Huobi Global announced the formation of a five-member global advisory board after Hong Kong-based asset management firm About Capital Management purchased a majority stake of the exchange.
See related article: Huobi looks to sell stake that values exchange at US$3 bln, Bloomberg reports
Fast facts
- The board has five members: Ted Chen, CEO of About Capital Management; Du Jun, a cofounder of Huobi Global; Wang Yang, vice president of the Hong Kong University of Science and Technology; Justin Sun, founder of blockchain network Tron; and Leah Wald, CEO of Valkyrie Investments.
- Huobi Global did not specify whether the members are all exchange shareholders and had yet to respond to Forkast’s request for comment at press time.
- The board aims to guide the exchange’s global expansion, Huobi Global said in the announcement.
- Huobi Global announced on Oct. 8 that it had sold its majority stake to About Capital Management, without revealing an acquisition amount or specific investors.
- Huobi Global said the acquisition will not impact the core operations or management team, as About Capital will inject the exchange with “sufficient capital in margin and risk provision fund.”
- Huobi used to be a top cryptocurrency exchange, with daily active users reaching 100,000 in 2018, ranking fourth globally. Yet Huobi ceased its operation in China after the crypto ban and turned to overseas expansion. The exchange currently ranks 14th among all exchanges regarding 24-hour trading volume.
See related article: Huobi is third global exchange to sign with S.Korea’s Busan