Cryptocurrency exchange Huobi said it will form a "strategic partnership" with Poloniex, a week after denying rumors that the two firms were planning to merge.

"The two exchanges will progressively cooperate in multiple business aspects including HT ecosystem development, project connectivity, liquidity sharing and global compliance – committing to build the world's top trading platform and gaining the trust of users," Huobi announced on Wednesday. HT is the native token of Huobi's network.

Top-performing projects on Poloniex, as evaluated by Huobi's adviser board, will be considered for listing directly on Huobi.

It was first reported on Nov. 25 that the two exchanges would merge, with Justin Sun, founder of the Tron network, saying that it was possible in the future. Huobi, however, said the rumors were "categorically untrue."

Sun is involved with both exchanges. He was part of an investor group that acquired Poloniex in 2019 and is now also an adviser to Huobi.

Huobi Global was founded in China in 2013 and is one of Asia's largest crypto platforms. It is planning to move to the Caribbean.

Read more: Justin Sun 'Optimistic’ About Crypto’s Return to China, Addresses Huobi Acquisition