Crypto exchange Huobi Global announced the formation of a five-member global advisory board after Hong Kong-based asset management firm About Capital Management purchased a majority stake of the exchange.
The board aims to guide the exchange’s global expansion, Huobi Global said in the announcement.
Huobi Global announced on Oct. 8 that it had sold its majority stake to About Capital Management, without revealing an acquisition amount or specific investors.
Huobi Global said the acquisition will not impact the core operations or management team, as About Capital will inject the exchange with “sufficient capital in margin and risk provision fund.”
Huobi used to be a top cryptocurrency exchange, with daily active users reaching 100,000 in 2018, ranking fourth globally. Yet Huobi ceased its operation in China after the crypto ban and turned to overseas expansion. The exchange currently ranks 14th among all exchanges regarding 24-hour trading volume.