On September 13, 2023, Huobi, one of the world’s leading cryptocurrency exchanges, unveiled its rebranding strategy, transforming itself into HTX. The move comes as part of a broader evolution for the platform, accompanied by both anticipation and criticism.
Founded in 2013, Huobi has evolved into a comprehensive ecosystem of blockchain businesses. It serves millions of users across the globe, with a presence in over 160 countries and regions.
The Meaning Behind HTX (Formerly Huobi)
According to the official statement, the new name, HTX, carries significant symbolism. “H” represents Huobi, “T” signifies TRON, reflecting a commitment to Tron’s (TRX) ecosystem, and “X” stands for exchange.
Collectively, HTX blends these elements, with “HT” denoting the native token of the platform, while “X” carries the dual meaning of exchange and the Roman numeral 10, celebrating HTX’s 10th anniversary. Meanwhile, accompanying this change is the slogan “HTX, Just Trade It.”
“It is a new era for the platform with synergy between HTX, TRON, and Poloniex,” Huobi stated in a statement.
With a focus on growth and profitability, HTX provides users with a diverse selection of professional services and products, such as PrimeVote, Flexi Max, Shark Fin, and others. The strategy also calls for cooperation with public chains like TRON, cross-chain protocols like BitTorrent Chain, and stablecoin initiatives like TrueUSD.
Moreover, HTX claims that its new mission centers on constructing a metaverse-free port with a vision to enable financial freedom for 8 billion people worldwide. It also intends to expand its global footprint by entering promising markets across various countries and regions, all while maintaining a balanced approach to growth.
Similarity to Troubled FTX
While Huobi’s transformation into HTX has undoubtedly marked a pivotal moment in its history, it has not been without its fair share of criticism and skepticism from the cryptocurrency community. Some members of the crypto community have expressed concern over the name’s similarity to the bankrupt FTX exchange.
Critics further assert that HTX’s decision to adopt a name similar to FTX’s may be perceived as insensitive to the troubles and issues faced by FTX and its users. They argue that a more distinct and independent identity would have been a wiser choice, avoiding any potential confusion and negative connotations.
They, however, questioned the wisdom of adopting such a name given FTX’s tumultuous history.
