Sun Yuchen: Huobi and Poloniex may merge in the future

Huobi exchange held a brand upgrade event in Singapore last week to announce the platform's future plans. Its global advisor, Justin Sun, revealed another piece of news yesterday, suggesting a possible merger between Huobi and Poloniex in the future.

The Merger Plan Between Huobi and Poloniex

According to a report by The Block, Justin Sun stated that Huobi and Poloniex are currently independent companies with no merger plan in place, but it is a possibility.

Both exchanges have investment ties with Justin Sun, with Poloniex being acquired from Circle by an Asian investment group in 2019, of which Justin Sun is a member.

On the other hand, Huobi was announced to be sold to the Hong Kong investment firm, Pantronics Holdings, last month. "Wu Said Blockchain" had disclosed that Justin Sun was the hidden financier behind the deal. Although Justin Sun did not confirm this, his role as a global consultant for Huobi and his prominent presence at Huobi events indicate his significance.

According to data from The Block, Huobi is currently the fourth largest cryptocurrency exchange by trading volume, while Poloniex ranks sixth. Despite their close rankings, there is a significant difference in trading volume, with Huobi recording a volume of around $16 billion last month, compared to Poloniex's volume of only about $1 billion during the same period.