Cryptocurrency trade Huobi celebrates its anniversary on the 13th 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,” much like the now-defunct trade FTX.
Huobi Modifications Trade Rebrands As HTX
Huobi, one of the distinguished crypto exchanges within the Asian area, formally disclosed its rebranding and world 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 release, Huobi defined the explanation behind the identify, which it known as a “new world model.” The brand new identify represents the primary letters of the Huobi trade (H), firm advisor Justin Solar’s blockchain venture, TRON (T), and X for the trade.
In response to the trade’s web site, the brand new “HTX” identify might 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 10th anniversary.
These adjustments have additionally been mirrored within the trade’s social media accounts. Huobi’s X (previously Twitter) predominant 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 objectives 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 eight billion folks on Earth. HTX is embarking on a progress technique of “world 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 day by day trading volume of over $830 billion.
The Crypto Neighborhood Reacts
Unsurprisingly, the brand new “HTX” has provoked fascinating reactions from the web crypto neighborhood. A number of X customers have questioned the inspiration of the HTX identify, given its similarity with the bankrupt FTX trade.
One crypto fanatic worried 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 doable branding transfer in crypto historical past,” Bitcoin educator Dan Held stated.
Huobi rebrand to HTX is the worst doable branding transfer in crypto historical past.
— Dan Held (@danheld) September 13, 2023
Some crypto neighborhood members expressed their considerations concerning the doable collapse of the Huobi trade, with the rebrand being a “sign of kinds.” “It’s a warning. For those who don’t get your funds off there, get pleasure from shedding all of it,” an X user specifically said.
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 interest in shopping for FTX’s belongings to cut back the potential market affect of the approaching belongings’ liquidation.
FTX collapsed in November 2022 as a consequence of a liquidity disaster, considerably impacting the cryptocurrency market. Sam-Bankman Fried, the trade’s co-founder, is set to start trial in October for a number of counts of fraud-related offenses.
HT token value stays unchanged on the day by day timeframe | Supply: HTUSDT chart on TradingView
Featured picture from iStock, chart from TradingView