Huobi Founder to Establish a ¥150 Billion Ethereum Holding Company with Asian Investors

Bloomberg reports that Lee Lin, founder of the China-based cryptocurrency exchange Huobi, is collaborating with early Ethereum (ETH) supporters in Asia to launch a digital asset trust valued at $1 billion (¥150 billion). The trust is established for the purpose of purchasing ETH and is currently in negotiations to acquire a Nasdaq-listed shell company. According to the report, the project has already raised about $1 billion. Lee's investment firm Avenir contributed $200 million, while Asian institutional investors including Hongshan Capital Group have raised $500 million. The group includes blockchain...