After denying the rumors last week, Poloniex and Huobi are closing in on a merger. The two exchanges owned by Justin Sun announced a strategic partnership aimed at sharing liquidity and projects as well as developing the HT ecosystem – Huobi’s token.
Huobi partners with Poloniex
This Wednesday, December 30, the two centralized exchange platforms Huobi and Poloniex announced a strategic partnership. This follows the merger rumors mentioned at the beginning of last week, however denied by the main interested parties.
Huobi 🤝 @Poloniex
We’re thrilled to announce that Huobi has established a strategic partnership with @Poloniex
We will join together in multiple business aspects:
1. HT development
2. Project connectivity
3. Liquidity sharing
4. Global complianceMore coming soon…
—Huobi (@HuobiGlobal) November 30, 2022
This collaboration involves “shared liquidity, common compliance, connectivity” but above all development of the HT ecosystem, the token of the Huobi exchange. The goal is to build the best platform in the world to buy cryptocurrencies and thus gain the trust of users.
In addition, the press release explains that the executive board of Huobi will carry out a monthly assessment of all Poloniex projects. The most successful and promising can be directly listed on Huobi.
Poloniex is by far the smaller platform of the two. According to data from CoinGecko, she only trades 40 million dollars transactions per day, against just over $300 million for Huobi.
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Huobi in full development
The past few months have been relatively busy for the Chinese exchange. Last August, co-founder Leon Li announced the sale of its shares in the company, representing 60% of the total capital. These were bought by About Capital, for about 1 billion dollars.
However, the main investor of About Capital is none other than Justin Sun, controversial entrepreneur and founder of Tron (TRX). In other words, he is now at the head of the Huobi exchange alongside Leah WaldCEO of Valkyrie Investmentand of Ted Chenfounder of About Capital.
Since then, Huobi has not stopped its development by offering more and more new features. Recently, the platform added a new affiliate program reserved for influencers, offering commissions of up to 50% for the spot market and 60% for derivative contracts.
In addition, Justin Sun had recently distinguished himself by collaborating with Sam Bankman-Fried, ex-CEO of FTX. It had allowed users holding TRX or HT tokens to withdraw their funds from the platform, while withdrawals were already locked. An initiative that had divided, insofar as he enriched himself through this.
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Sources: Huobi press release, CoinGecko
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