Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence – Bitcoin News

that Huobi Korea wants to break away from the parent company Huobi. News1 reports that Huobi Korea plans to purchase shares from the parent company and change its name. The “equity relationship with Huobi Global will also be sorted out,” according to the report, and the teams plan to hold a meeting between employees and top executives.

News1 reported that the name change and stake purchase will sever the ties between the two firms, allowing the Korean exchange to operate independently. One source told News1 that the name change was a significant event. “Huobi Korea has suffered from being perceived as a foreign exchange, particularly with the image of a ‘Chinese exchange,’” the source said. “It can be interpreted as an effort to demonstrate that it is a ‘domestic exchange’ that is as safe as it is.

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Huobi Korea seeks to split from parent company, change its name: ReportHuobi Korea is taking action to separate itself from its parent company, and a name change may be in order. According to a News1 report, the Korean exchange was spurred into action by concern over the parent company’s proof-of-reserves report released in December. It indicated Huobi Global had reserves of over $3 billion, but 43.3% of those reserves were in its self-issued Huobi Token.
Source: Cointelegraph - 🏆 562. / 51 Read more »