Cryptocurrency trade Huobi celebrates its anniversary on the thirteenth of September yearly, and it’s doing so with a contentious advertising transfer in 2023. The corporate was launched 10 years in the past, and to commemorate the event, the corporate modified its identify from “Huobi” to “HTX,” just like the now-defunct trade FTX.
Huobi Modifications Trade Rebrands As HTX
Huobi, one of the crucial outstanding crypto exchanges within the Asian area, formally disclosed its rebranding and international enlargement marketing campaign on Wednesday, September 13. This transfer primarily includes a shift of the crypto agency’s id to a brand new model, HTX.
In a media launch, Huobi defined the explanation behind the identify, which it referred to as a “new international model.” The brand new identify represents the primary letters of the Huobi trade (H), firm advisor Justin Solar’s blockchain challenge, TRON (T), and X for the trade.
In keeping with the trade’s web site, the brand new “HTX” identify will be damaged down as “HT,” the ticker for Huobi’s native token. In the meantime, the letter “X” could characterize the Roman numeral for 10, celebrating the agency’s tenth anniversary.
These adjustments have additionally been mirrored within the trade’s social media accounts. Huobi’s X (previously Twitter) major account has been renamed “HTX_Global,” whereas its official Telegram channel is now branded “HTX World Official.”
In addition to the brand new identify, the HTX trade highlighted a few of its targets because it entered a brand new decade. The trade stated:
HTX’s new mission is to construct a metaverse-free port with a imaginative and prescient to attain monetary freedom for 8 billion individuals on Earth. HTX is embarking on a progress technique of “international enlargement, thriving ecosystem, wealth impact, and safety and compliance.
As of this writing, HTX (previously Huobi) ranks as one of many largest cryptocurrency exchanges on the planet, with a each day buying and selling quantity of over $830 billion.
The Crypto Group Reacts
Unsurprisingly, the brand new “HTX” has provoked fascinating reactions from the net crypto group. A number of X customers have questioned the inspiration of the HTX identify, given its similarity with the bankrupt FTX trade.
One crypto fanatic nervous about the X platform, saying, “What’s up with Huobi? I believe it’s giving me FTX vibes.” “A Huobi Rebrand to HTX is the worst potential branding transfer in crypto historical past,” Bitcoin educator Dan Held stated.
Huobi rebrand to HTX is the worst potential branding transfer in crypto historical past.
— Dan Held (@danheld) September 13, 2023
Some crypto group members expressed their issues in regards to the potential collapse of the Huobi trade, with the rebrand being a “sign of types.” “It’s a warning. In case you don’t get your funds off there, get pleasure from shedding all of it,” an X person particularly stated.
On the similar time, this re-branding has been linked to Justin Solar’s latest curiosity in buying FTX’s belongings. On Monday, September 11, Solar signaled curiosity in shopping for FTX’s belongings to cut back the potential market impression of the upcoming belongings’ liquidation.
FTX collapsed in November 2022 because of a liquidity disaster, considerably impacting the cryptocurrency market. Sam-Bankman Fried, the trade’s co-founder, is about to start out trial in October for a number of counts of fraud-related offenses.
HT token worth stays unchanged on the each day timeframe | Supply: HTUSDT chart on TradingView
Featured picture from iStock, chart from TradingView