Crypto Exchanges Huobi, Poloniex To Forge A 'Strategic Partnership'

A week after dismissing rumors the two companies were considering a merger, cryptocurrency exchange Huobi said it will forge a "strategic relationship" with Poloniex.

"The two exchanges will progressively cooperate in multiple business aspects including HT ecosystem development, project connectivity, liquidity sharing and global compliance — committing to building the world's top trading platform and gaining the trust of users," Huobi stated in the announcement.

The native token of Huobi's network is HT/USD.

Top-performing Poloniex projects will be proposed for a direct listing on Huobi, as determined by its advisory board.

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The two exchanges were first said to merge on Nov. 25 when Justin Sun, the creator of the Tron network and a Huobi advisor, said it might happen in the future. Huobi, though, stated the rumors were "completely false."

Sun was a member of the investment group that purchased Poloniex in 2019 and was involved in both transactions.

One of Asia's major cryptocurrency platforms, Huobi Global was established in China in 2013 and is currently looking to relocate to the Caribbean with Dominica, Panama and the Bahamas being the top contenders.

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Photo: giggsy25 via Shutterstock