Webull sells digital asset business, removes crypto products from its global platform
Online brokerage firm Webull sold its digital asset business at the end of the third quarter last year and removed its encrypted products from its global platform. The company stated that this decision was due to regulatory uncertainty from the SEC and consideration for a smooth IPO listing. The company will go public through a merger with a blank check tool, with a post-merger enterprise value of approximately $7.3 billion. Webull Group President and CEO Anthony Denier stated that one of the reasons for the previous failed IPO attempts was its encryption business, which the company launched cryptocurrency trading on its platform in 2020.
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