Justin Sun, who reportedly owns both Poloniex and Huobi exchanges, claims to be able to merge the two platforms in the future.
In an interview with TheBlock, TRON founder Justin Sun revealed his latest plans after taking over cryptocurrency exchange Huobi.
When asked to confirm earlier rumors that Poloniex could soon merge with Huobi, Sun said the two exchanges are “still operating independently,” but this is a possibility “that could happen in the future.”
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
As reported by Coin68, Justin Sun is the person believed to be behind the acquisition of Huobi. Some sources also claim that Sun has spent up to $ 1 billion to become the new owner of the exchange.
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Recently, Mr. Justin Sun held a ceremony to announce the renaming of Huobi Global to Huobi, with the new name demonstrating the ambition to restore the position of the exchange.
Meanwhile, Poloniex is a long-standing cryptocurrency exchange that has been acquired by Justin Sun since 2019.
According to data from CoinGecko, Huobi is the exchange with an exchange volume of $ 290 million in the past 24 hours, the 7th largest in the world. Poloniex ranked 15th with a volume of only $ 36 million, nearly 10 times lower.
