The tension that has arisen in the crypto space due to the fallout from the FTX trading company has led to the need for crypto exchanges to become transparent about their financial condition.
Huobi, a Seychelles-based cryptocurrency exchange, has disclosed its assets in a bid to enhance transparency with its clients.
The report revealed that Huobi's total assets are estimated at $3.5 billion with reserves estimated at 37,000 Bitcoin, 274,000 Ethereum, 820,000,000 Tether (USDT), and 9.7 billion TRX.
Huobi also vowed to continue disclosing its assets in the future.
According to the platform, this will be a way to demonstrate its commitment to prioritizing the interests of its clients and protecting its assets.
The report also revealed that Huobi conducted an audit known as the Merkle Tree Proof of Reserves.
Huobi added that there are already plans to repeat the audit process using a third party within 30 days of this writing.
Huobi Group is expanding despite challenges in the crypto ecosystem.
Huobi announced in October that it was ready to sell a majority of its shares to About Capital, a Hong Kong-based investment firm.
The offer to sell was announced shortly after speculation that Huobi founder Leon Li was looking for a buyer for nearly 60% of his stake in Huobi and was demanding at least $1 billion at the time.
Huobi recently announced that it will set up its headquarters in the Caribbean.
Justin Sun, who was rumored to have bought Huobi, but was later appointed as a special advisor on Huobi's board, said he had met the Prime Minister of Dominica.
Sun believes that the Caribbean is a crypto-friendly community and that Huobi will also help develop its own crypto framework.
All of these transparency moves come in an effort to eliminate any threat to the company's global growth.
Posted using Proof of Brain
