​Media finds out about the possible merger of the Huobi and Poloniex exchanges

What’s new? TRON blockchain founder Justin Sun will merge the Poloniex and Huobi crypto exchanges he owns, analyst Colin Wu reports, citing sources familiar with the matter. Sun bought Poloniex from Circle in 2019 and Huobi in 2022, taking a controlling stake in the platform’s co-founder Leon Li. According to data from aggregator CoinGecko as of November 25, Poloniex’s daily spot trading volume is only 1/10 that of Huobi.

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 — Wu Blockchain (@WuBlockchain) November 25, 2022

What is known about Poloniex? It is a centralized crypto exchange (CEX) founded in 2014 and headquartered in Seychelles. The daily trading volume as of November 25 is $37,1 million. There are 357 coins and 552 trading pairs available on the platform.

What is known about Huobi? The company was founded in 2013 in Beijing. It is currently based in Seychelles, with offices in Hong Kong, South Korea, Japan, and the United States. The platform hosts 656 cryptocurrencies and 963 trading pairs. The daily trading volume is $306,3 million.

The native token, Huobi Token (HT), is used to receive fee discounts, as well as additional rewards and bonuses. As of 07:00 UTC, HT is trading at $5,6, having gained 2,4% per day. It has a market capitalization of $733,5 million.

On October 14, Sun announced the merger of Heco, the blockchain of the Huobi crypto exchange, with the TRON and BitTorrent networks. He also intends to allocate funds to attract developers to the new ecosystem.

On November 12, San publicly acknowledged buying Huobi for the first time. He had previously denied that he was the ultimate beneficiary of the purchase of the controlling stake, claiming that he was only on the exchange’s global advisory board. He also reported that he owns “tens of millions” of Huobi crypto exchange’s native tokens.