Exchanges Huobi and Poloniex announced the launch of a strategic partnership

2 December 2022

In the past, they exchanges refused to merge or cooperate but recently teamed up in order to develop HT coins,  distribute liquidity more effectively, and monitor compliance with regulatory requirements. In addition, the Huobi advisory board will study projects on Poloniex, choosing which coins to list on its platform. The corresponding decision was announced on November 30.

The owner of both exchanges until recently was Justin Sun, entrepreneur and founder of TRON. He acquired Poloniex from Circle in 2019. Although it is considered larger than its competitor Huobi, its daily spot trading volume is at most one-tenth of the volume of the same operations on Huobi. About Capital acquired Huobi’s controlling stake in October 2022. A few months earlier, the exchange’s co-founder, Leon Lee, left the shareholders. The company’s new owner plans to move its headquarters to the Dominican Republic and focus on the investment division.

On the day of the announcement of the start of the strategic partnership, Huobi said that the company would create an affiliate program with a spot commission of up to 50% and a futures commission of up to 60%, however, according to representatives, only “influential persons” will be able to access it.