Crypto exchanges Huobi and Poloniex announce strategic partnership

Crypto exchanges Huobi and Poloniex announced a strategic partnership. Reports of a planned merger of the two exchanges first emerged and were denied by Huobi last week.

On Nov. 30, crypto exchange Huobi said it will form a “strategic partnership” with Poloniex, a week after denying rumors that the two firms were planning to merge.

“The two exchanges will progressively cooperate in multiple business aspects including HT ecosystem development, project connectivity, liquidity sharing, and global compliance – committing to build the world’s top trading platform and gaining the trust of users,” Huobi said in a statement on Nov. 30. 

Starting in December, the Huobi Advisory Board will make a monthly evaluation of all Poloniex projects, with top performers potentially directly listed on Huobi, the exchange stated.

On Nov. 25, it was first reported that Huobi and Poloniex would merge, with Justin Sun, founder of the Tron network, saying that it was possible in the future. Sun is involved with both exchanges. He was part of an investor group that acquired Poloniex in 2019 and is now also an adviser to Huobi.

However, Huobi said later the rumors were “categorically untrue.” Founded in China in 2013, Huobi Global is one of Asia’s largest crypto platforms with plans to move to the Caribbean.

HT is the native exchange token of Huobi. Previously, Huobi’s HT token surged in digital-asset markets on Nov. 29 after the crypto exchange said it would airdrop to users a new digital token to be issued by the Caribbean Island of Dominica.