Huobi Celebrates 10th Anniversary with Controversial Rebranding
Cryptocurrency exchange Huobi is marking its 10th anniversary with a bold marketing move. The company has changed its name from “Huobi” to “HTX,” similar to the now-defunct exchange FTX. This rebranding effort was officially announced on September 13, along with the exchange’s plans for global expansion.
In a media release, Huobi explained that the new name, HTX, represents the first letters of the Huobi exchange (H), company advisor Justin Sun’s blockchain project, TRON (T), and X for the exchange. The new name also aligns with the ticker symbol for Huobi’s native token, HT, and celebrates the firm’s 10th anniversary with the inclusion of the Roman numeral X.
The rebranding is not limited to just the name change. Huobi’s social media accounts have also been updated to reflect the new brand. The main Twitter account is now called “HTX_Global,” and the official Telegram channel is branded as “HTX Global Official.”
HTX’s Vision and Goals for the Future
As part of its new identity, HTX has outlined its goals for the next decade. The exchange aims to build a metaverse-free port and achieve financial freedom for 8 billion people on Earth. HTX’s growth strategy focuses on global expansion, a thriving ecosystem, wealth effect, and security and compliance.
Currently, HTX (formerly Huobi) ranks as one of the largest cryptocurrency exchanges globally, with a daily trading volume of over $830 billion.
Controversial Rebranding Sparks Reaction from Crypto Community
The rebranding of Huobi to HTX has generated mixed reactions from the online crypto community. Some users have expressed concerns about the similarity between HTX and the bankrupt FTX exchange. One user on Twitter remarked, “What’s up with Huobi? I think it’s giving me FTX vibes.”
Bitcoin educator Dan Held criticized the rebranding, calling it “the worst possible branding move in crypto history.” Others have speculated that the rebranding may be linked to Justin Sun’s interest in purchasing FTX’s assets. Sun had previously signaled his intention to buy FTX’s assets to mitigate the potential market impact of their liquidation.
While some members of the crypto community view the rebranding as a warning sign, others believe it is merely a strategic move by Huobi to position itself for future growth.
It is worth noting that FTX, the exchange that HTX is compared to, collapsed in November 2022 due to a liquidity crisis. The exchange’s co-founder, Sam Bankman-Fried, is set to begin trial in October for fraud-related offenses.
Despite the controversy surrounding the rebranding, the price of HT token remains unchanged on the daily timeframe.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. The featured image is from iStock, and the chart is from TradingView.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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