Bloomberg: Li Lin's Avenir Group to Transfer Its 20-Person Trading Team to Bitfire Group

Foresight News reports, according to Bloomberg, cryptocurrency tycoon Li Lin is transferring the approximately 20-person trading team from his family office, Avenir Group, to Bitfire Group, a wealth management company in which he holds a 30% stake, to help the company attract more private banking clients. Livio Weng, CEO of Hong Kong-listed Bitfire, stated in an interview that Bitfire will acquire the team and its trading system from Avenir Group. Avenir has confirmed the transaction. Livio Weng mentioned that with the addition of the new team, Bitfire has received approximately $500 million in initial investment intentions from family offices and listed companies. Livio Weng further noted that Bitfire launched its private banking business last August and has since added around 300 new clients, primarily 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 company's private banking business will exceed $1 billion within two years.