Crypto Three Things (8/12)
Aug 12, 2022
"Never lose sight of the fact that the most important yard stick to your success is how you treat other people." — Barbara Bush
1) Abrdn secures ownership in Archax: The British asset manager, Abrdn, became the biggest external shareholder in Archax, the first and only digital-assets exchange to be regulated in the United Kingdom. Abrdn, overseeing more than $619B in assets, will grab a board seat and plans to use its status to draw new investors into the exchange, which is currently available to institutional clients only.
Titan's Takeaway: This fresh acquisition highlights how the digital-assets space has matured to such a degree that even an investment house founded in 1825 wants a piece of the action.
2) Huobi founder to sell majority stake: Leon Li, founder and CEO of crypto exchange Huobi, is in talks to sell his 60% slice of the company. The potential deal could peg Huobi at a valuation of $3B, making the sale one of the priciest in the crypto space. Li has already discussed the stake sale with high-profile names in the crypto industry, including Tron founder Justin Sun and billionaire-turned-financier Sam Bankman-Fried of FTX.
Titan's Takeaway: A share transfer to more vocal and influential players in crypto could breathe new life into Huobi - an exchange that was once among the most active Bitcoin marketplaces.
3) South Korea arrests three in crypto probe: South Korean prosecutors made their first moves in a $3.4B investigation of "abnormal" currency transactions and possible illegal crypto transfers. Three people that moved $307M worth of funds overseas were held on charges of "setting up paper companies and operating a cryptocurrency trading business without registration."
Titan's Takeaway: South Korea, a leader in crypto adoption for the Asian region, has actively sought to accommodate digital tokens. This fraud attempt could delay potential regulatory oversight and mainstream acceptance.
Cash Management
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