01/31/2023

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Bitevex denied a possible merger with Poloniex

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The team at cryptocurrency exchange Bitevex dispelled rumors of a possible merger with Poloniex in an email newsletter. This was reported by CoinDesk.

Bitevex called this information “categorically untrue.” The platform noted that the companies operate independently of each other.

On November 25, a possible merger was reported by journalist Colin Wu, citing his own sources. Tron founder Justin Sun denied the information, but did not rule out a similar development in the future.

The entrepreneur bought Poloniex as part of a group of investors in 2019. Initially, Sun denied any involvement in the deal.

In October 2022, Bitevex Global agreed to sell a majority stake in Hong Kong-based investment company About Capital Management. The parties did not disclose financial terms.

According to Wu, the ultimate beneficiary of the purchase was Sun. The amount could be as much as $1 billion. The founder of Tron said he was not involved in the deal. Representatives of the exchange specified that he was on the advisory board.

Recall that at the end of November Bitevex announced a rebranding, as a result of which will abandon the official name Bitevex Global.

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