​​Crypto exchange Huobi Global agrees to sell majority stake | Crypto_NFT

​​Crypto exchange Huobi Global agrees to sell majority stake

Cryptocurrency exchange Huobi Global has agreed to sell a majority stake to Hong Kong-based investment firm About Capital Management. The parties did not disclose the financial terms of the deal.

“After the closing of the transaction, About Capital will control the majority stake in Huobi Global. The agreement provides only for the change of the managing shareholder and does not affect the main activities of [the company],” the message says.

According to a press release (available to ForkLog), upon completion of the transaction, the platform will implement a number of initiatives aimed at expanding the business and promoting the brand in the global market. In particular, the company plans to make "significant investments" in margin and reserve funds.

“We intend to continue to develop and modernize Huobi's operations, among our plans are the increase in risk capital, the development of institutional business, as well as global branding projects,” said Ted Chen, CEO of About Capital Management.