Huobi Korea Plans to Cut Ties With Parent Company, Strengthen … – Bitcoin News

by Jamie Redman
According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name.
There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain “a very lean team” going forward.
Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC. As of today, the cryptocurrency exchange’s BTC reserves are approximately 16,709 BTC. Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to cryptoquant.com statistics, the current stash is down to 18.19 million.
Amid the speculation, South Korean news outlet News1 has reported that Huobi Korea wants to break away from the parent company Huobi. News1 reports that Huobi Korea plans to purchase shares from the parent company and change its name. The “equity relationship with Huobi Global will also be sorted out,” according to the report, and the teams plan to hold a meeting between employees and top executives.
News1 reported that the name change and stake purchase will sever the ties between the two firms, allowing the Korean exchange to operate independently. One source told News1 that the name change was a significant event. “Huobi Korea has suffered from being perceived as a foreign exchange, particularly with the image of a ‘Chinese exchange,’” the source said. “It can be interpreted as an effort to demonstrate that it is a ‘domestic exchange’ that is as safe as it is.”
What do you think about Huobi Korea attempting to sever ties with the parent company Huobi? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.

source