Huobi co-founder reportedly looks to sell majority stake valued at over $1B

Leon Li, the co-founder of international crypto exchange Huobi, is reportedly in talks to sell the majority of his stake in the business that might be valued at over $1 billion.

Li reportedly had conversations with numerous investors looking for to unload a 60% stake in the crypto business, which might be valued at over $1 billion and some think might bring as high as $3 billion, reported Bloomberg.

A Huobi representative verified to Bloomberg that the co-founder is engaging with many worldwide giants to sell his majority share in the crypto exchange, without revealing information.

Li reportedly notified about his choices to other backers of the business throughout an investor conference in July this year. Li has actually moved his ceo tasks to Hua Zhu, in order to concentrate on his health.

The report likewise declared that international crypto exchange FTX and Tron creator Justin Sun were a few of the early financiers in talks with the Huobi co-founder. Huobi didn’t react to Cointelegraph’s ask for remarks at press time.

The report likewise declared that the offer might be completed by the end of this month. Once finished, it might be among the greatest offers because the crypto market chaos that began in May this year.

Related: Huobi Global releases $1B financial investment arm concentrated on DeFi and Web3

The market slump has actually likewise developed into a chance for crypto giants such as FTX, which has actually dedicated $1 billion in the bailout to crypto exchanges that are having a hard time to stay afloat due to heavy losses and absence of capital.

Huobi was established in 2013 and presently represent more than $1 billion day-to-day trading volume. The crypto exchange acquired appeal following the closure of BTCC and quickly ended up being the center for Chinese crypto traders. The exchange ultimately closed its operations for Chinese users after the Beijing federal government considered all crypto shifts unlawful and prohibited forexes from providing their services.

Huobi has actually made considerable growth worldwide since the Chinese federal government restriction as it got licenses in Dubai and New Zealand, followed by a license from the United States Financial Crimes Enforcement Network (FinCEN).