Following the acquisition of a majority share in the exchange by the Hong Kong-based asset management company About Capital Management, Huobi Global announced the creation of a five-member global advisory board.
Five people make up the board: Leah Wald, CEO of Valkyrie Investments; Justin Sun, founder of the blockchain network Tron; Du Jun, cofounder of Huobi Global; Wang Yang, vice president of the Hong Kong University of Science and Technology; and Ted Chen, CEO of About Capital Management.
Whether or if the participants are all exchange stockholders is not made clear by Huobi Global.
Huobi Global stated in the statement that the board’s goal is to direct the exchange’s international growth.
On October 8, Huobi Global declared that it had sold its majority stake to About Capital Management, but it did not specify the purchase price or the investors.
According to Huobi Global, the acquisition won’t have an effect on the exchange’s core operations or management team because About Money would provide “sufficient capital in margin and risk provision fund.”
With 100,000 daily active users in 2018, Huobi, which had previously been a leading bitcoin exchange, was ranked fourth worldwide. But after the cryptocurrency ban, Huobi stopped operating in China and focused on expanding outside. Regarding 24-hour trading volume, the exchange is now ranked 14th out of all exchanges.