Houbi Global controlling shareholder to sell entire stake to About Capital

As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion among other initiatives.

Crypto exchange Huobi Global announced that About Capital Management (HK) Co. Ltd, an Hong Kong based-asset management firm became the exchange’s controlling shareholder following a successful buyout deal.

While the transaction of an undisclosed amount crowns About Capital as Houbi’s new controlling shareholder, the exchange stated that core operation and business management teams would have no impact due to the transition.

As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion initiatives, adding that:

“Upon successful implementation of the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.”

About Capitals also disclosed plans to build a global strategic advisory board “led by leading industry figures” among other initiatives such as setting up margin and risk provision fund, and measures to enhance the exchange’s competitiveness.

Previously, in August, Sam Bankman-Fried, the CEO of crypto exchange FTX, denied a Bloomberg report that claimed FTX was planning to purchase Huobi. Huobi concluded the announcement by highlighting its exit from China.

Related: Huobi to delist Monero and other privacy coins, citing regulatory pressures

On Sept. 14, Huobi Global became the third major cryptocurrency exchange to pen a blockchain ecosystem development agreement with the South Korean city of Busan.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. In addition, Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.