Huobi’s CSO Cai Kailong to Resign in August, His Annual Salary Was Once Rumored to Reach 120 Bitcoins

Cai Kailong will resign as chief strategy officer(CSO) of Huobi, the world’s fourth largest crypto exchange by daily trade volumes, citing person reasons after just seven months in the job, online news portal tech.sina reported. His resignation will go into effect in August.

Huobi stated that Cai helped the group go from ‘0 to 1’ and start the international business from scratch, laying a solid foundation for internationalizing Huobi while serving as CSO. “Huobi respects and cherishes every team member’s contribution, and the board of directors expresses heartfelt thanks to Cai for his contribution to Huobi.” Huobi said.

After the resignation, Cai will continue to serve as an adviser to provide strategy consulting services to the company.

Before joining Huobi, Cai once served as vice president in strategy and technology department of Deutsche Bank(US), manager of risk control in MXEnergy and assistant professor in the department of finance at Business School of University of Houston.

The digital asset financial service provider appointed Cai as its chief strategy officer in January who is taking charge of the group strategy and the Huobi America. It’s noteworthy that part of his salary was reportedly paid in Bitcoins although the specific amount has not been revealed. A rumor went viral online then that his annual salary would reach 120 bitcoins,which was worth astonishing 120 million yuan at that time. But soon both Huobi and Cai himself denied the speculation.

Cai’s resignation follows news that HBUS, Huobi’s newly created ‘strategic partner’ trading platform in the U.S., opened trading for residents of the United States in early July . Cai has helped set up the the fledgling U.S. exchange, but Frank Fu, former managing director of China’s biggest selfie app Meitu, has been appointed as the CEO of HBUS by Huobi group, leading its operation and overseeing the platform’s technology development going forward.

Huobi is stepping up its effort to expand international business by setting up offices across the world. On July 20, the group launched a business arm, dubbed the Huobi Cloud, to allow customers to build their own crypto exchanges.

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