Tronfounder of and HuobiGlobal advisory board member of Justin Sunin an interview with crypto exchanges Huobi and PoloniexHe said they might merge in the future.
Tron Founder Justin Sun Says Huobi And Poloniex Could Merge In The Future
The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with his recently acquired Huobi exchange, according to sources familiar with the matter. Coinecko shows that Poloniex’s daily spot trading volume is only 1/10 of Huobi’s. Exclusive
— Wu Blockchain (@WuBlockchain) November 25, 2022
Earlier today, China-based sources reported that Poloniex will merge with Huobi. However, Sun said the two companies are independent and have no plans to merge yet.
However, when asked if there could be a deal in the future, he said it might be possible.
Sun has relationships with both Poloniex and Huobi. Sun confirmed in 2019 that he invested in Poloniex after initially denying the relationship.
A similar situation occurred last month when Huobi announced that it had sold its majority stake to Hong Kong-based investment firm About Capital Management.
At the time, Sun allegedly was the “real buyer” of the Huobi stock sale. However, Sun denied this claim and said he was only consulting Huobi. However, Sun was at the forefront of recent changes in Huobi.
Earlier this week, he laid out strategies for Huobi to reclaim its position among the top three crypto exchanges at the company’s rebranding launch event in Singapore.
Founded in 2013, Huobi is currently the fourth largest crypto exchange by volume. Poloniex is the sixth largest exchange. Huobi had around $16 billion in trading volume last month, while Poloniex only had $1 billion in trading volume during the same period.
If the merger of Huobi and Poloniex happens, this could help further solidify the crypto industry. In the third quarter of this year, 60 mergers and acquisitions took place, making it the fourth-busiest transaction in the history of the crypto industry.
*Not investment advice.
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