M&A Crypto Space After Ryu Appointment
HBUS is gearing up for mergers and acquisitions in the crypto space. The strategic partner for crypto exchange Huobi has consequently confirmed the appointment of Jay Ryu. The appointment comes at a time when the firm is preparing to take on the likes of Coinbase and Robinhood. Ryu joins HBUS as the vice president of corporate development. Ryu is to oversee strategic partnerships as well as M&A.
The appointment does not come as a surprise. Companies are increasingly looking for ways to reposition themselves in pursuit of market share. Data from JPM Securities indicate that M&A deals are up by more than 200% in the crypto space this year. HBUS exchange now looks set to join the fray if a statement by the newly appointed Ryu is anything to go by.
“The community is rapidly maturing, and with that, many more institutional investors have entered the market. HBUS stands at the forefront of this next wave of blockchain innovation, and I am excited to lead our efforts as we become the top US digital currency exchange with a diverse array of products and solutions for these investors,” Ryu said in a statement.
Coinbase set the tone after poaching a top dealmaker from LinkedIn. The company has since ramped up its M&A activities as it acquires small firms to strengthen its edge in the industry. Coinbase has also completed the acquisition of Cipher Browser – gaining access to a reputable Ethereum wallet. The exchange has also acquired crypto social network dubbed Earn.com. It has added to its portfolio digital identity startup Distributed Systems.
Binance is another exchange that has embarked on an acquisition drive. The exchange has already completed the acquisition of Trust Wallet as well as Stellar’s Chain. Circle, a payment company that boasts the backing of Goldman Sachs, has acquired crypto exchange Poloniex.
Huobi Expansion Plan
Huobi, the world’s largest crypto exchange by trading volume, also looks to strengthen its edge. The exchange is planning to expand its wings on the global scene to take advantage of mass adoption of cryptocurrencies. The company has already completed the acquisition of a controlling stake in Hong Kong-based Pantronics Holding. It has also acquired a majority stake in Japan-based Crypto exchange BitTrade. The exchange has also embarked on a hiring spree as it looks to take on crypto incumbents.
M&A activity should continue to gain pace as it becomes clear cryptocurrency adoption rates increase. Firms are exploring ways to strengthen and expand their offerings in pursuit of institutional investors. The wave of consolidation is welcome for startups looking for backing, to support their underlying innovations.