Huobi may acquire Poloniex

Huobi may acquire Poloniex

25.11.2022 14:59 (Updated 28.11.2022 12:11)
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by Aleksandar Đurić
2 min read

Justin Sun, the founder of Tron and Huobi’s global advisory board member, spoke out about the possible merger of the two companies in the near future.

Earlier today, Chinese crypto journalist Colin Wu tweeted that Poloniex would merge with Huobi:

The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with his recently acquired Huobi exchange, according to sources familiar with the matter.

Yet, Justin Sun is not officially the owner of both companies. In 2019, Sun bought Poloniex from Circle, and in early October this year, he purchased 100% shares of Huobi from its founder, Leon Lee. As practice has shown, public denials and subsequent public affirmations are not unusual for Justin.

Although Poloniex is considerably smaller than Huobi, it may suit the latter in its expansion plans, as Justin Sun himself set the aim for top crypto exchanges worldwide:

“With its refreshed branding, new roadmap, and the guidance of its global advisory board, I am confident Huobi can strengthen its market leadership and reclaim its top rankings alongside other industry heavyweights.

Related: Justin Sun admits to buying Huobi

Poloniex ranks 30th by trading volume among other crypto exchanges. Huobi, on the other hand, is in 17th place. CoinMarketCap data shows that Poloniex’s daily spot trading volume is only 1/10th of Huobi’s.

Related: Huobi rebrands to expand globally

However, Huobi denied rumors of a potential merge of two companies:

“We would like to state for the record that rumors stating Huobi will soon merge with Poloniex are categorically untrue. Huobi and Poloniex are operating independently now.

As for important news related to Poloniex, it was announced today that it stopped the creation of deposits and withdrawals of USDT, USDC, TUSD, and BUSD stablecoins in the BEP20 token standard of BNB Smart Chain and offered to convert them to the ERC20 and TRC20. Justin Sun added:

The big partnership part may well be referring to Tron DAO’s official announcement of joining the Binance recovery fund initiative:

We have already applied to join this funding initiative and will hear back from them soon.”

Related: Binance may buy FTX assets

Author

  • An experienced journalist working in the film and video-game industries for many years. An enthusiast busy with learning new things about the world of crypto every day. Majored in English Language and Literature. Has a shrine in his apartment dedicated to Hidetaka Miyazaki.

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