As per Korean Outlet News1, the domestic crypto-exchange ‘Huobi Korea’ is all set to cut ties with the parent company Huobi Global. Huobi Korea plans to purchase shares from the parent company and rename the company.
The name change and stake purchase are interpreted as an idea to walk on an independent path in the Korean market as long as problems continue in Huobi Global.
Leon-Li is the owner of 72% of the shares of Huobi Korea. Chairman Cho Kook-Bong will take over these 72% shares.
Huobi Korea is the second-largest virtual asset exchange in the country. Their main strategy is to empower themselves as a domestic company in the market.
Huobi Global recently faced a crisis as the demand for Proof of Reserve (POR) grew. This is also the reason why Huobi Korea decided to draw a line with Huobi Global.
The news came after the company announced a 20% layoff of its employees citing crypto winter.
