Huobi Token (HT) Up By 13%; Here’s Why

The global crypto market is trading under increased selling pressure due to surging uncertainty. Meanwhile, Huobi Token (HT) has decoupled from the ongoing market sentiments. However, the HT price surge is guided by the latest announcements made by Justin Sun and Huobi global.

Huobi aims to expand

Huobi Global launched its refreshed branding strategy. Justin Sun in a press conference announced that Huobi Global will be renamed Huobi. While its Chinese name will also be revamped. This will be done in order to cut the original founder Li Lin’s name.

This is kind of first decision taken by the board after the acquisition by About Capital Buyout Fund last month. The release mentioned that Huobi will establish a presence in the Caribbean region ahead. This region is considered as a virtual asset hub with welcoming regulatory policies.

It added that it will be looking to ramp up its investment in Southeast Asia and European regions. The crypto exchange will be exploring possible strategic mergers and acquisitions.

As per reports, Justin Sun has spent around $1 billion. He acquired almost 60% shareholding of the Hong Kong-based asset manager About Capital. However, Sequoia China and ZhenFund also sold their holding of 28%.

Justin Sun reportedly kept his name out of the deal in order to avoid scrutiny from China. However, Tron has denied all the involvement reports in Huobi Deal.

Bitfinex to list HT

Huobi Token prices have jumped by 13% in the last 24 hours. HT has turned out to be the biggest gainer among the top 100 cryptos. Huobi Token is trading at an average price of $4.95, at the press time. Its 24 hour trading volume is up by 57% to stand at $21.11 million.

However, Bitfinex crypto exchange announced the listing of Huobi Token. It wrote that traders will be able to buy HT soon. Deposits and trading will be open soon.