Huobi and Poloniex have announced a strategic partnership despite their initial denials of a merger
Huobi will watch Poloniex for new projects to list, and the exchanges will collaborate on the development of HT currency, liquidity sharing, and worldwide compliance.
On November 30th, Huobi and Poloniex established a strategic alliance. Last week, rumours of a possible merger between the two cryptocurrency exchanges surfaced and were refuted.
The two exchanges would “progressively collaborate” in regard to the growth of Huobi’s HT coin ecosystem, connectivity, liquidity sharing, and worldwide compliance. The exchange added that beginning in December, the Huobi Advisory Board would evaluate all Poloniex projects on a monthly basis, with top performances possibly being listed directly on Huobi.
Wu Blockchain’s post sparked the first merger rumours. Poloniex is much bigger than the other exchange. It is not accessible to users in the United States.
This year, the Chinese exchange has seen a lot of modifications. In June, it formed an investing arm. In August, cofounder Leon Li announced selling his stake. In October, About Capital of Hong Kong acquired a majority stake in Huobi. In November, the company denied substantial layoffs and resignations.
According to reports, Huobi intends to move its headquarters to the Dominican Republic. On the same day that the merger was announced, Huobi said that it will expand its affiliate program for influencers, giving commissions of up to 50% for Spot and 60% for futures.
Poloniex settled with the SEC for allegedly selling unregistered securities last year. Congressman Brad Sherman, a crypto sceptic, blasted the case as an example of the agency going after “little fish” In June, South Korean officials prohibited polonium.