FTX Founder and CEO Sam Bankman-Fried said today that his cryptocurrency exchange has no plans to acquire Huobi Global.
Huobi Global is a popular cryptocurrency exchange, with a 24-hour trading volume of $624 million, according to data from CoinGecko, making it one of the largest in the world.
Earlier this month, a Bloomberg report claims Huobi Group founder Leon Li was in talks to sell his majority stake in the crypto exchange. The report said Sam Bankman-Fried and Tron founder Justin Sun were among the investors interested in talking with Li.
Just to be explicit because apparently a lot of people say this:
But today, crypto billionaire Bankman-Fried said his company has no plans to buy the exchange. “Just to be explicit because apparently a lot of people are saying this: No, we don’t plan to acquire Huobi,” he said in a tweet on Monday.
Huobi has been hit hard by the bear market, with reports affirming the exchange planned to significantly reduce its staff.
FTX is one of the largest crypto derivatives exchanges in the world. He specializes in the world of futures: investing in contracts that bet on the future price of cryptocurrencies, rather than buying assets like Bitcoin and Ethereum.
It is also one of the largest cash exchanges in the world and overtook Coinbase in terms of volume for the first time earlier this year. The company, which makes money by charging a fee on every transaction, has increased its revenue by more than 1000% in 2021, according to a CNBC report last week.
Sam Bankman-Fried came to the rescue of a number of cryptocurrencies during the bear market, donating $750 million to crypto lenders BlockFi and Voyager after they went bankrupt. The CEO ToldDecrypt earlier this month he thought it was “disappointing” more industry players haven’t “stepped up” in the same way.
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