Leon Li, founder of crypto exchange Huobi Global, is in talks to sell a majority stake in the company in a transaction that would value the firm at $3 billion or more, Bloomberg reported on Friday.
Li is looking to sell almost 60% of the firm, and has held preliminary talks with Justin Sun, founder of the Tron blockchain network, and FTX, the crypto exchange founded by billionaire Sam Bankman-Fried, the report said, citing people familiar with the matter.
Seychelles-based Huobi is one of the world's largest crypto exchanges with a daily trading volume of over $1 billion, according to CoinGecko.
The deal would be one of the biggest ever in the crypto industry. The downturn in the crypto market has forced many of the biggest firms in the industry to cut costs and jobs, but this could be the first instance that one of those firms sells a majority stake.
Huobi's existing investors, which includes ZhenFund and Sequoia China, were informed about Li’s decision during a shareholder meeting...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...