Huobi Co-Founder Appointed CEO of New Huo Tech to Diversify Digital Asset Business

Jun Du, the co-founder of crypto exchange Huobi, has been appointed as the executive director and CEO of New Huo Tech, leading the Hong Kong-listed one-stop crypto asset service platform to further diversify its digital asset business in the future.

Simon Wu, the former executive director and CEO, has resigned due to his intention to pursue his new business commitments.

As an industry pioneer, serial entrepreneur, and investor in the blockchain and digital asset industry, Du has nearly 10 years of industry experience, with a strong background in corporate management, strategic planning, business development, investment, M&A, and so on. Before joining the blockchain industry, he worked for leading internet companies such as Tencent and Comsenz Technology Inc. Before joining New Huo Tech, he founded Huobi in 2013 with Leon Li. Afterward, he served as a co-founder and director of Chainup Pte. Ltd. since 2017, and as co-founder and partner of ABCDE Capital in 2022.

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New Huo Tech, formerly known as Huobi Tech, was acquired by Huobi in 2018. The name change can better demonstrate its development strategy, direction and its determination to strengthen the synergistic effect of its digital assets business. The company is committed to bridging traditional finance and digital assets by providing a safe and compliant digital asset investment experience for institutions and individuals.

New Huo Tech’s services now cover SaaS, virtual asset management, custody, OTC, lending, trading platform and strategic investment. It has been actively applying for several virtual asset and finance-related licenses in major global markets.

It had first-half revenue of about HK$352 million ($44.9 million), up 34% from a year earlier. However, it turned a HK$54.1 million profit into a HK$48.8 million loss in the period.