Crypto Empire: Leon Li, who is the best of the best Chinese crypto magnets, is also the one who has won Beijing’s backing. The former Oracle Corp. coder, who has started one of the world’s biggest Bitcoin exchanges six years ago, has been enjoying unprecedented access to China’s central bank and government officials and law enforcement and police departments, thanks to the systematic engagement and measured expansion. While rivals Binance and OKEx irked regulators by stoking Bitcoin mania, Li has cooked the favor by dismantling the speculation, as he has been co-founding the country’s first state-backed blockchain platform along the way to his historical success. Huobi even set up a Communist Party committee in-house, which is the first case in the longest run.
That’s why, he is keen to discover the alternatives to Facebook Inc.’s Libra and the Western countries backed blockchain. Chinese central bank and government officials are turning to Li, some among others want him to help develop a local plan for a crypto supremacy, which he is well on the way. The baby blockchain company arena has a lot to offer as it is the world’s second-largest economy and a rare possibility to become an early Bitcoin influencer. Washington’s concentrated campaign to advertise the need for Bitcoin supremacy has led to China and has only backed up Beijing’s resolution to wean itself off American technology. Li co-founded Huobi in the last quarter of 2013 and later received backing from well-connected ZhenFund and Sequoia China. But the tale of how he and Huobi came to get the right place in a good and advantageous position begins in 2017, at the height of Beijing’s paranoia about the potential for unchecked Bitcoin speculation to foment social upliftment and that is exactly what he set on the road of building his crypto empire.
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Word has trickled down to Li in the summer of that year that officials were preparing a major crackdown on the industry and the probable reasons for its breakdown. His instinct was to rush back from medical leave to the hospital and run to her mother to get permission on how to train his team to get Huobi’s almost 2 million registered users to withdraw their funds from their online accounts because he was not a fraudulent person, you know.
But he also began delivering the daily progress reports, and the daily streaks about how to increase sales in this type of the day and how to maintain the goodwill in the market, and that is a big deal as in how to manage the goodwill. It is also essential to local regulators and briefed officials whenever requested. He had been watching his counterparts collapse like dominoes. In China, it is very predominant that the legal and the respiratory system of the companies have to go hand in hand and generally at that time no one thought of making a crypto empire. Even after all of these, he has been very depressed and sad because he could find out how he can uplift the company’s condition. He had realized that regulators meant life-or-death in his world. Since then Li has made it his mission to get on Beijing’s right side of life, from hosting seminars to attending the live encounters of how to sell on the market and how to couture it he had learned it all. And he had taken even classes for officials to organize proper class conferences under the auspices of local government and police departments.
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That unit of the company which the company says is profitable and not so bad has trained more than 1,000 students from freshers to executives at state-owned and private companies’ money and hard-earned resources. Huobi’s senior executives, Li included, are all based in Beijing, as are critical teams from coding to business development. His share is estimated to have ranked in roughly $680 million in revenue for 2019, as per a news source’s calculations of data report company wise and employee wise by Huobi on token buybacks. Success has come at the cost of personal freedom for Li, who was born into a pretty middle-class family in central China, and he got his graduated degree from Beijing’s prestigious Tsinghua University.
Source: Bloomberg
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