At a shareholder’s meeting in July, Huobi exchange co-founder Leon Li reportedly told other investors in the company about his choice.
The majority of Leon Li’s ownership in the company, which may be worth more than $1 billion, is reportedly up for sale. Leon Li is the co-founder of the major cryptocurrency exchange Huobi.
According to Bloomberg, Li reportedly held talks with a number of financiers about selling a 60% stake in the cryptocurrency company, which could be worth more than $1 billion and, according to some, as much as $3 billion.
Without providing more information, a Huobi exchnage spokesperson told Bloomberg that the Huobi exchange co-founder is in talks to sell his majority stake in the cryptocurrency exchange with a number of global juggernauts.
Li reportedly told the company’s other investors about his choices at a shareholder meeting in July of this year. Hua Zhu now serves as Li’s chief executive officer while Li focuses on his health.
The founder of Tron, and the global cryptocurrency exchange FTX were among the first investors who spoke with the Huobi exchange co-founder.
The report states that the deal may be completed by the end of this month. Once completed, it may rank among the largest transactions since the turmoil that began in the crypto market in May of this year.
Huobi exchange was established in 2013, and now represents a daily trading volume of more than $1 billion. After BTCC was shut down, the cryptocurrency exchange rose in popularity and quickly became the main location for Chinese cryptocurrency traders. After Beijing declared all cryptocurrency exchanges illegal and forbade foreign exchanges from providing their services, the exchange eventually stopped serving Chinese users.
Huobi exchange has significantly expanded its global presence since the Chinese government’s ban by obtaining licenses in Dubai and New Zealand, as well as one from the US Financial Crimes Enforcement Network.