- Huobi Technology Holdings to be renamed as “New Huo Technology Holdings Limited.”
- Huobi was reportedly looking to sell 60% of its stake.
- The exchange is seeking a fresh corporate image and identity.
One of the largest Chinese Crypto exchanges, Huobi Global‘s Hong Kong-listed parent, Huobi Technology Holdings, is considering a rebrand to “provide the Company with a fresh corporate image and identity” while helping with developing business.
Huobi is proposing renaming the group to “New Huo Technology Holdings Limited,” and it is reportedly looking to sell a majority stake in the company. In addition, shareholders will be asked to vote on the proposed name change at a meeting on October 13.
According to a Bloomberg report from August 12, 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’s of the crypto exchange FTX. However, the founders of FTX and Tron, who had been speculated as potential buyers, denied making a bid.
After China shuts the door on crypto in 2021, Huobi’s diversified businesses outside of the country, and have been on the rise in terms of trading volume. However, the company is facing regulatory backlash in Southeast Asia, with Thailand’s 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 delisted a series of “privacy crypto” that could hide transaction addresses and tracing of ownership. Zcash, Monero and five other tokens were dropped on September 19. Regulators were looking into these cryptos for facilitating payments for criminal activities and money laundering.
Huobi Global announced a partnership with the online payment solution AstroPay last week, allowing cryptocurrencies to be purchased with fiat currency in Latin America. Furthermore, the Chinese crypto exchange has also announced a new fiat on-ramp in Brazil, Mexico, Colombia, Chile, Peru, and Uruguay.