Huobi Global announces plan to relocate its headquarters

Huobi Global

TL;DR Breakdown

  • Huobi Global plans to move headquarters to the Caribbeans
  • The company cites good factors for the move
  • The firm changed ownership last month

Huobi Global has released an official statement stating that the company is considering plans to move its headquarters to the Caribbeans. The company had to fight off several rumors about the layoffs of over 200 employees last week. According to the statement, the company is considering making the Dominican Republic the new location of its headquarters.

Huobi Global mulls relocation plans

According to a report released by FT, the company is willing to go all in on the location. Huobi Global stated the adoption of the English language, its friendly stance towards digital assets, and the country’s law system as the factors it considered. Asides from the Dominican Republic, the government, also highlighted Panama and the Bahamas as likely locations.

The report mentioned that they had been meetings between the crypto firm and the PM of Dominica Roosevelt Skerrit. Some of the issues discussed included how both entities would enter into a partnership to enable the country ramp up its crypto system.

The company changed ownership in October

Huobi Global presently has its headquarters in Seychelles, with other branches spread across the US, Hong Kong, and Japan. The report by FT claims that the company has plans to transfer about 200 of its total 1600 employees to the new headquarters. The Caribbean has become one of the most sought-after locations, given its openness to new technologies. Some companies that have moved base to the location include FTX, which made the switch last year, Binance, and PrimeBit.

Last month, the control of Huobi Global was won by About Capital Management following the trigger of a buyout deal. After the agreement was signed, there were rumors that some executives with the old management would jump ship. The company was also expected to cut some if its staff. However, a spokesperson of the firm allayed fears while stating that the company was still very much in the green regarding finances. Regardless, he hinted that the company was cutting a few costs due to the biting market situation.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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