Huobi has been a leading cryptocurrency exchange based in China for many years. Founded in 2013, the exchange has seen rapid growth with the expansion of cryptocurrencies in the spotlight with volumes increasing dramatically year on year. Rival exchange Binance began expanding globally to increase its customer base, with Huobi’s primary market remaining domestic. After the government decision to make all crypto transactions illegal in 2021, both Binance and Huobi stopped all services to the Chinese community, drastically affecting the volumes and number of users of the latter. There were already rumors that founder Leon Li was looking to sell his majority stake in the company for $1 billion, valuing the exchange at $3 billion.
Founded by Ted Chen, who also started hedge fund giant Greenwoods Asset Management, this Hong Kong-based fund manager will now become the controlling entity of the Huobi Global exchange.
According to an announcement from the About Capital team itself, the purchase will not affect the main operation in any way. However, it will “embrace a series of new beginnings of international brand promotion and business expansion” that are likely to propel the exchange to the forefront of the international market.
“We believe that the successful acquisition by About Capital… will contribute to Huobi’s global expansion,” Leon Li said in a statement.
This is all good news for new launch projects like Uniglo, which will no doubt look to centralized exchanges (CEXs) to list after launch. With changes in mindset from Huobi to drive growth and Uniglo already showing strong performance in its pre-sales stages, it would be to the benefit of both platforms to boost volume and exposure.
Uniglo is a treasury-backed token that will invest in real-world tokenized assets to maintain market cap valuation. With an Ultra Burn system in place and zero emissions, these deflationary tokenomics will likely create a significantly upward price trajectory for GLO.
With the market currently in disarray and exchanges looking for new ways to expand and drive volume, this move by About Capital could make it easier to process quality and genuine new projects like Uniglo to list on Tier 1 exchanges in the future, benefiting everyone involved, including investors
Learn more about Uniglo.io here:
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