Bloomberg: Li Lin integrates the Avenir Group trading team into Bitfire Group and has received approximately $500 million in investment intentions

BlockBeats news, April 22 — According to Bloomberg, Li Lin is transferring his entire 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.

In an interview, Livio Weng, CEO of the Hong Kong-listed company Bitfire, said that Bitfire will acquire the team and its trading systems from Avenir Group. Avenir confirmed the deal. With the addition of the new team, Bitfire has received initial investment intent of about $500 million from the family office and the listed company. Bitfire launched its private banking business in August last year and has since added roughly 300 clients, mainly including family offices, listed companies, and high-net-worth individuals. The company plans to expand its trading strategy for Ethereum and stablecoins later this year. It expects that the assets under management of its private banking business will exceed $1 billion within two years.

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