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Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal

Leon Li, the co-founder of global crypto exchange Huobi is wrapping up plans to sell most of his shares in the company valued at $3 billion Bloomberg reports.

The post Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal appeared first on BeInCrypto.

Leon Li, the co-founder of global crypto exchange Huobi is wrapping up plans to sell most of his shares in the company valued at $3 billion Bloomberg reports.

According to Houbi group spokesperson, Li has already informed his business associates about his decision and announced at a shareholders meeting in July that he might hand over his roles in the company to focus on his ailing health.

Li in talks with investors seeking to offload a stake


 Li has had conversations with various bankrollers seeking to grab a 60% state in the crypto company, and it is reported that Tron founder Justin Sun and cryptocurrency firm FTX are the interested parties seeking to take over. If sold at 3 billion, this could be one of the biggest share sales, according to Bloomberg.

Those that are reportedly in talks for the share transfer include Tron founder Justin Sun as well as cryptocurrency firm FTX. With Li’s target valuation of US$2 billion to US$3 billion, the share sale could be worth more than US$1 billion, Bloomberg reported.

Houbi faces regulators over Compliance


Houbi, which was launched in 2013, took the industry by storm becoming one of the biggest crypto exchanges. It has however been having a hard time with regulators. Thailand’s securities regulator sought to shut down digital-asset exchange Huobi, revoke its license and have it return all client assets within three months, saying the company has fallen short of regulatory compliance.

Houbi quits Beijing


In September, Huobi founders and backers also voted at a stakeholder meeting to quit trading in China after years of growing government scrutiny that showed the company was involved in inside trading. Following their decision, Chinese regulators announced that all crypto transactions and services were banned in the country

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares

Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’…

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

  • Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’ James Butterfill says the low inflows suggest there’s “continued investor hesitancy.”

The crypto market has struggled to tag a positive sentiment, with September again proving a tricky month for bulls as prices remained largely within a long term downtrend going back to November 2021.

So while institutional investors continue to size up opportunities in the digital assets sector, flows into investment products have significantly remained low over the past few weeks.

James Butterfill, Head of Research at digital asset manager CoinShares, says the low inflows seen last week imply a “continued hesitancy” from investors.

Butterfill shared the outlook in the latest edition of the “Digital Asset Fund Flows Weekly Report”, which CoinShares published on Monday.

Crypto funds see third week of inflows

Fund outflows year-to-date are at more than $42 million, with the past three weeks seeing positive flows.

According to Butterfill, the low flows suggest institutional investors are still weighing up the market, particularly given the global macroeconomic environment.

Digital asset investment products saw inflows totaling $10.3 million last week representing the third week of inflows. The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were $886 million for the week, the lowest since October 2020,” Butterfill wrote.

Bitcoin recorded minor inflows for a third week in a row, with $7.7 million (short bitcoin saw inflows of $2.1 million). Meanwhile, Ethereum registered $5.6 million in inflows last week to post a second positive week – but short Ethereum products hit outflows of $0.9 million.

Across the altcoin market, negative sentiment saw investors pull $3.5 million. Top outflows were in Polygon, Cardano and Avalanche.

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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