Huobi announced a strategic partnership with Poloniex
The two crypto exchanges will collaborate on different aspects of the business, including sharing liquidity
Huobi will establish a strategic partnership with Poloniex, the crypto exchange announced on its website. The two platforms will collaborate on many aspects of business, including developing the Huobi token (HT) ecosystem, connecting to various projects, sharing liquidity and compliance.
Both platforms are owned by Tron blockchain founder Justin Sun: he bought Poloniex from stablecoin issuer USDC Circle in 2019, and invested in Huobi this October. Huobi outperforms the Poloniex exchange in terms of daily trading volume several times over, with $311 million on the former platform and $29 million on the latter in the last 24 hours, according to CoinGecko.
Starting this December, the Huobi Advisory Board will evaluate all projects on Poloniex on a monthly basis. The most effective ones will get a chance to get directly on the Huobi platform, enjoy its full support and gain access to its audience, the announcement said.
The decision on the strategic partnership was made in line with the new strategy, which included changing the name to Huobi (formerly Huobi Global) and strengthening global expansion.
In addition to Justin Sun, Changpeng Zhao is actively developing his platform.