Cryptocurrency exchange Huobi Global agreed to be purchased by Hong Kong-based investment company About Capital Management's M&A fund. According to the investment manager, after the transaction, Huobi will see a series of international brand promotions and business expansion.
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It's envisioned that Huobi will provide trading and investment services to international investors.
Huobi is among the largest crypto exchanges. It ranks 12th by 24-hour trading volume. According to data from CoinMarketCap, in the last 24 hours, the trading volume on the exchange was over $530 M.
Earlier in August, it became known that Huobi's founder Leon Li was in talks with investors to sell his almost 60% stake for over $1 bln.