Huobi Token (HT) – the native cryptocurrency of Huobi Global – spiked by approximately 18% hours after Justin Sun confirmed he will take an advisory role in the exchange.
The recently announced Global Advisory Board will aim to guide the company’s business efforts and expansion plans, as well as receive a fresh investment.
Huobi announced the establishment of the new unit yesterday (October 9th) and immediately invited some industry leaders to join it. One of those individuals was the Chinese entrepreneur and Founder of TRON Foundation – Justin Sun.
Shortly after, he said he was “honored” to join the exchange describing it as an “innovative, vibrant, and resilient organization in its latest chapter of global expansion.”
The other four names appointed as advisors in Huobi were Ted Chen (CEO of About Capital Management (HK) Limited), Du Jun (Co-Founder of Huobi Global), Wang Yang (Vice President of the HKUST), and Leah Wald (CEO of Valkyrie Investments).
Despite joining the trading venue as an advisor, Sun denied the rumors that he will buy a $1 billion stake in it.
Meanwhile, speculations indicated that FTX’s CEO – Sam Bankman-Fried – could purchase that chunk of the company. The American, though, rejected this as well in his latest tweet.
During the weekend, the company also announced fresh investment funding that should help it stabilize its operations following the recent turmoil.
The platform’s native token – HT – reacted positively to the news. It jumped from $4 to $5.2 in a day, marking its highest price point since August.
Huobi’s new initiative and the price surge of its token come as a breath of fresh air since the past several months have not been kind to the firm.
In June, it dismissed at least 30% of its staff, citing “the sharp drop in revenue after the removal of all Chinese users.”
Two months later, Huobi halted derivatives trading services to New Zealand-based users since the company couldn’t solve its issues with domestic regulators.
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