Is News Regarding The Merger Of Poloniex With Crypto Exchange Huobi Rumors?

• Huobi stated that the Poloniex merger rumors were untrue.
• Justin Sun behind Huobi and Poloniex.
• Let’s know what Huobi said in an email.

Know What’s the Real Scene

Rumors of the merger of Poloniex with the crypto exchange Huobi are “categorically untrue,” as said by the company. 

As tweeted by Wu Blockchain on November 25- 

“The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with his recently acquired Huobi exchange, according to sources familiar with the matter. Coingecko shows that Poloniex’s daily spot trading volume is only 1/10 of Huobi’s. Exclusive.”

Justin Sun, who is the founder of Tron and also a member of Huobi’s global advisory board, told the local media agencies that the crypto exchange and Poloniex may merge in the upcoming future. 

But Justin Sun specified that both the companies are “independent” and have not until  now made any plan to merge. However, the deal can take place in the future, he stressed on the point that it “could be” possible.

China-based crypto reporter, Colin Wu states that in the Huobi Global Sale deal, which was closed by the Hong-Kong based investment firm About Capital Management. Wu also reported that Justin Sun is the “real buyer” of the Huobi crypto exchange stake. 

Justin Sun is Just “In” Both 

But Justin Sun denied clearly separating himself to be only an advisor at the Huobi board. But, as the anonymous sources report, he is the core investor at the investment company About Capital Management. 

As the data says, Huobi is the world’s fourth largest crypto exchange in terms of volume. Whereas Poloniex is at the sixth position in the list. Huobi had a trading volume of $16 billion in October whereas Poloniex had only $1 billion at the same time. 

The Tron founder, Justin Sun previously said that-

“Poloniex is one of the biggest exchanges in our industry,” he added “I think the exchange is going to grow and that’s why we collaborate with it to have more initiatives.”

Justin Sun was part of the investor group which acquired Poloniex. In February 2018, it was acquired by a fintech firm Circle for $400 million. In 2019, Sun said that as a part of their support, they will list Tron (TRX) tokens on the platform and launch an airdrop of TRX20 and USDT for the customers in a few weeks. 

In an email statement, Huobi said- 

“We would like to state for the record that rumors stating Huobi will soon merge with Poloniex are categorically untrue. Huobi and Poloniex are operating independently now.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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