Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence – Bitcoin News
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According to a South Korean report, Huobi Global’s Korean subsidiary is planning to cut ties with the parent company. The management of the trading platform announced its intention to “strengthen its position” as a domestic cryptocurrency exchange and change its name.
Huobi is experiencing significant repatriations as the subsidiary Huobi Korea strives to become independent
There has been a lot of speculation and rumors surrounding cryptocurrency exchange Huobi Global, which was simply named “Huobi” at the end of November 2022. According to reports, Huobi laid off 20% of its staff and plans to maintain a “very lean team”. ahead.
In addition, Huobi has recently experienced a significant number of withdrawals. Cryptoquant statistics show that on November 2, 2022, Huob had more than 20,000 BTC. Currently, the cryptocurrency exchange’s BTC reserves are around 16,709 BTC. Similarly, Huobi had 22 million ETH in reserve on November 2, 2022, but according to cryptoquant.com’s statistics, the current deposit has decreased to 18.19 million.
Amid speculations, South Korean news magazine News1 has reported that Huobi Korea wants to break away from parent company Huobi. News1 reports that Huobi Korea plans to buy shares from the parent company and change its name. According to the report, “the equity relationship with Huobi Global is also being clarified,” and the teams are planning a meeting between employees and senior management.
News1 reports that the name change and share purchase will sever ties between the two companies, allowing the Korean stock exchange to operate independently. A source told News1 the name change was a significant event. “Huobi Korea has suffered from being seen as a currency, particularly the image of a ‘Chinese stock exchange’,” the source said. “It could be interpreted as an attempt to show that it is a ‘domestic exchange’ that is as safe as it gets.”
What do you think about Huobi Korea trying to cut ties with parent company Huobi? Let us know what you think about this topic in the comment section below.
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