Justin Sun, the founder of TRON (TRX), revealed there is a possibility of crypto exchanges Poloniex and Huobi merging in the future.
In 2019, Justin Sun admitted he was one of the key investors who purchased Poloniex from Circle, the issuer of USD Coin (USDC). He revealed that despite investing in Poloniex, the exchange will operate independently from TRON Foundation.
In October 2022, Huobi announced its plans to sell a majority stake to About Capital Investment. Reporter Colin Wu suspected Justin Sun of being the linchpin behind the transaction, with the founder of TRON asserting that he was not the “real buyer” of Huobi.
Now, Colin Wu tweeted that according to his sources, that the two exchanges "acquired" by Justin Sun will be consolidated into one.
Reports stated that according to Justin, there were no plans of merging the two exchanges at the moment. However, he did not completely refute the notion, stating that the merger may occur in the future.
Following this news, Huobi’s utility token, HT, experienced an uptrend in its pricing. $HT is valued at $6.05, up by 9.9% within the last 24 hours.
Currently, Huobi is among the top exchanges thanks to its $275M daily trading volume. In contrast, Poloniex’s market cap is a fraction of Huobi’s as it averages below the $30M mark.
