- Huobi Global wants to expand into a global exchange.
- This was disclosed by Justin Sun, the alleged owner of the firm.
- Huobi Global also released an asset transparency report earlier.
The need for HuobiGlobal to expand in order to become a global cryptocurrency exchange was brought to light in a recent update. This was disclosed by the company’s adviser, Justin Sun, who encourages and endorses the implementation of any and all ideas.
This comes only about a month after it was rumored that Justin Sun had bought Huobi Global, a market leader in the cryptocurrency field. According to Blockchain, a Chinese crypto-oriented Twitter service, numerous executives at Huobi, including the company’s CEO and PR head, voluntarily resigned from their positions at the company.
Just one month after taking on the role of adviser, Justin Sun gained complete control of the Huobi Global organization.
Huobi Global also released an asset transparency report, which is a big development. It said that the entire estimated worth of its reserves was $3.5 billion at the time of the announcement.
The exchange has given its customers assurance that their assets are secure, despite the fact that the cryptocurrency market has been crashing as a direct result of the FTX scandal.
The exchange also noted in its report that it performed a Merkle Tree Proof of Reserves audit when the exchange’s founder sold his controller stake to About Capital. Huobi will publish a third-party Merkle Tree Proof of Reserves audit to boost user confidence even further.
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