In a further sign of the appetite for digital assets among Asian investors, Hong Kong-based About Capital Management has acquired a controlling stake in crypto exchange Huobi.
The share was previously owned by founder and majority shareholder Leon Lin.
Huobi is ranked as one of the largest crypto trading venues by volume, processing more than $100 million in daily trades.
However, volumes have significantly decreased since it completed its withdrawal from the Chinese market in December 2021.
China had previously made up most of Huobi’s user base until Chinese authorities outlawed crypto trading in 2021.
No financial details of the transaction were disclosed but a Bloomberg story valued the Seychelles-headquartered company at $3 billion.
© 2022 funds global asia