Huobi founder is looking to sell his stake in the company for $3 billion

Huobi founder is looking to sell his stake in the company for $3 billion

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Answer Huobi founder is looking to sell his stake in the company for $3 billion

According to several press reports published this morning, Huobi Group founder Leon Li is in talks with several investors about selling his largest stake in the company for nearly $3 billion.

Presumably some of those discussing it are:

Justin Sun, founder of Tron, and Sam Bankman-Fried, founder of FTX.

according to “BloombergChinese crypto tycoon Leon Li is seeking to sell his stake in Huobi, which represents 60% of the entity he created nearly ten years ago.

According to people familiar with the matter, Lee informed his company’s main financial backers, including ZhenFund and Sequoia China, of his decision.

Read:Binance is preparing to return to the South Korean market by acquiring a local trading platform

The deal (which is expected to range between $2 billion and $3 billion) could be signed as soon as possible at the end of August.

According to a spokesperson who told what Lee said:

He hopes that the new shareholders will be more powerful and resourceful and that they will appreciate the Huobi brand and invest more capital and energy to drive Huobi’s growth.

As he told us, prominent names in the sector, such as Justin Sun and “Sam Bankman-Fried”, are rumored to be among the potential buyers, however, Sun told that he had not discussed the deal with Lee, while an FTX spokesperson declined to comment.

It is worth noting that “Huobi Group” is among the leading cryptocurrency exchange companies worldwide.

Recently it has had to deal with some big problems, including the anti-crypto campaign in China, which has affected its revenue.

The company has tried to boost its global presence in the past months by gaining regulatory approval in various countries.

Two weeks ago, the Australian Financial Supervisory Authority gave it the green light.

Read:Hong Kong Stock Exchange proposes framework for regulating cryptocurrency trading

Like many other trading platforms, Huobi has had to lay off some of its employees due to the crypto winter and the influx of investors.

We reported on Bitcoin Arabs in June that the company laid off at least 30% of its total workforce.

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