Bloomberg: Li Lin Transfers Avenir Group Trading Team to Bitfire Group, Secures $500 Million Investment Interest

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On April 22, Bloomberg reported that cryptocurrency tycoon Li Lin is transferring his family office Avenir Group’s trading team of about 20 people to his wealth management company Bitfire Group, in which he holds a 30% stake, to help the company attract more private banking clients. Livio Weng, CEO of the Hong Kong-listed Bitfire, stated in an interview that Bitfire will acquire the team and its trading systems from Avenir Group. Avenir has confirmed the transaction. With the new team on board, Bitfire has secured approximately $500 million in initial investment interest from family offices and listed companies. Bitfire launched its private banking business last August and has since added around 300 clients, primarily consisting of family offices, listed companies, and high-net-worth individuals. The company plans to expand its trading strategies for Ethereum and stablecoins later this year. It is expected that the assets under management for the private banking business will exceed $1 billion within two years.

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