The local cryptocurrency exchange known as “Huobi Korea” is reportedly planning to severe its links with its parent business, Huobi Global, according to a report from a Korean news outlet (1). Huobi Korea has the intention of renaming the firm after itself after purchasing shares from the parent company.
Both the name change and the acquisition of the share are being viewed as an idea to travel on an autonomous road in the Korean market as long as troubles continue to persist inside Huobi Global.
The majority of the shares in Huobi Korea are held by Leon-Li, who owns 72% of the company. These 72% of the shares will be taken over by Chairman Cho Kook-Bong.
Huobi Korea is the virtual asset exchange that has the position of second biggest in the nation. The primary focus of their tactic is to strengthen their position in the market as a homegrown business.
Recently, Huobi Global was confronted with a difficulty as a result of the growing demand for Proof of Reserve (POR). This is also the reason why Huobi Korea came to the conclusion that it needed to separate itself from Huobi Global.
The news followed the announcement made by the firm that it will be laying off twenty percent of its workforce, blaming the crypto winter.
Compiled by Coinbold