Huobi founder raises $1B as part of Ether trust strategy: Report

The founder of the Chinese cryptocurrency exchange plans to announce the trust within a few weeks, with the backing of Ether supporters.

Li Lin, the founder of cryptocurrency exchange Huobi and chair of investment company Avenir Capital, has reportedly raised about $1 billion as part of a strategy to invest in Ether.

According to a Bloomberg report on Friday, Li has partnered with Fenbushi Capital co-founder Shen Bo, HashKey Group CEO Xiao Feng, and Meitu founder Cai Wensheng to launch an Ether accumulation strategy through a Nasdaq-listed shell company. The project raised $1 billion, which included $500 million from HongShan Capital Group and $200 million from Avenir.

With the support of the Ether (ETH) backers, the group plans to announce the launch of the trust in two to three weeks.

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