Cryptocurrency exchange Huobi Global considers rebranding
- Huobi Technology Holdings will be renamed “New Huo Technology Holdings Limited”.
- Huobi is reportedly looking to sell 60% of its stake.
- The exchange is looking for a new corporate image and identity.
One of China’s largest crypto exchanges, Hong Kong-listed Huobi Global’s parent company, Huobi Technology Holdings, plans to change its name to “give the company a new corporate image and identity” while helping to business development.
Huobi is offering to rename the group to “New Huo Technology Holdings Limited”, and he would seek to sell a majority stake in the company. Additionally, shareholders will be asked to vote on the proposed name change at a meeting on October 13.
According to an Aug. 12 Bloomberg report, Huobi was looking to sell 60% of its stake, which would value the company at $3 billion.
Huobi was in talks with Justin Sun, the founder of blockchain developer Tron, and crypto billionaire Sam Bankman-Fried of crypto exchange FTX. However, the founders of FTX and Tron, who had been speculated as potential buyers, denied making an offer.
After China closed the door to crypto in 2021, Huobi’s business diversified outside the country and grew in terms of trading volume. However, the company is facing a regulatory backlash in Southeast Asia, with the Thai SEC seizing the exchange’s license and Malaysian regulators discussing the possibility of placing Huobi on an investor warning list.
Due to “compliance policies,” Huobi in September removed a series of “privacy cryptos” that could hide transaction addresses and ownership tracing. Zcash, Monero and five other tokens were discontinued on September 19. Regulators were looking at these cryptos to facilitate payments for criminal activities and money laundering.
Huobi Global last week announced a partnership with online payment solution AstroPay, enabling the purchase of cryptocurrencies with fiat currency in Latin America. Additionally, the Chinese crypto exchange also announced a new fiat on-ramp in Brazil, Mexico, Colombia, Chile, Peru, and Uruguay.
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