Huobi Poaches App Exec To Lead New US Branch

June 26, 2018 12:14 am Published by

A senior executive has left China’s top photo-retouching app Meitu and will now lead HBUS, the new U.S. strategic partner of cryptocurrency exchange Huobi, CoinDesk reported.

Monday’s announcement said Frank Fu, former managing director of Meitu’s global business, will join the U.S. exchange as CEO and will manage operations and oversee development going forward, the report said.

Fu’s appointment comes as the exchange is moving toward a formal launch in the U.S., having already registered as a money services business with regulators in the country, CoinDesk said. According to its website, the San Francisco-based exchange plans to start trading early next month.

This is not Fu’s first step into the cryptocurrency space, the report said. In April, he invested $2 million in a blockchain-based sports game called MyDFS and was appointed an adviser to the project, according to an announcement at the time.

Fu said he sees the current moment as a “compelling time in the cryptocurrency industry,” CoinDesk reported. He is also not the first Meitu exec to have shown an interest in cryptocurrency.

CoinDesk reported Cai Wensheng, the founder and chairman of Meitu – which went public in Hong Kong in 2016 with a valuation of $5 billion at the time – said in May he had achieved his goal of amassing 10,000 bitcoin during the market sell-off in the first quarter of this year., Jack Durschlag

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