Cryptocurrency exchange Huobi celebrates its anniversary on the 13th of September every year, and it is doing so with a contentious marketing move in 2023. The company was launched 10 years ago, and to commemorate the occasion, the company changed its name from “Huobi” to “HTX,” similar to the now-defunct exchange FTX.
Huobi Changes Exchange Rebrands As HTX
Huobi, one of the most prominent crypto exchanges in the Asian region, officially disclosed its rebranding and global expansion campaign on Wednesday, September 13. This move primarily involves a shift of the crypto firm’s identity to a new brand, HTX.
In a media release, Huobi explained the reason behind the name, which it called a “new global brand.” The new name represents the first letters of the Huobi exchange (H), company advisor Justin Sun’s blockchain project, TRON (T), and X for the exchange.
According to the exchange’s website, the new “HTX” name can be broken down as “HT,” the ticker for Huobi’s native token. Meanwhile, the letter “X” may represent the Roman numeral for 10, celebrating the firm’s 10th anniversary.
These changes have also been reflected in the exchange’s social media accounts. Huobi’s X (formerly Twitter) main account has been renamed “HTX_Global,” while its official Telegram channel is now branded “HTX Global Official.”
Besides the new name, the HTX exchange highlighted some of its goals as it entered a new decade. The exchange said:
HTX’s new mission is to build a metaverse-free port with a vision to achieve financial freedom for 8 billion people on Earth. HTX is embarking on a growth strategy of “global expansion, thriving ecosystem, wealth effect, and security and compliance.
As of this writing, HTX (formerly Huobi) ranks as one of the largest cryptocurrency exchanges in the world, with a daily trading volume of over $830 billion.
The Crypto Community Reacts
Unsurprisingly, the new “HTX” has provoked interesting reactions from the online crypto community. Several X users have questioned the inspiration of the HTX name, given its similarity with the bankrupt FTX exchange.
One crypto enthusiast worried about the X platform, saying, “What’s up with Huobi? I think it’s giving me FTX vibes.” “A Huobi Rebrand to HTX is the worst possible branding move in crypto history,” Bitcoin educator Dan Held said.
Huobi rebrand to HTX is the worst possible branding move in crypto history.
— Dan Held (@danheld) September 13, 2023
Some crypto community members expressed their concerns about the possible collapse of the Huobi exchange, with the rebrand being a “signal of sorts.” “It’s a warning. If you don’t get your funds off there, enjoy losing it all,” an X user specifically said.
At the same time, this re-branding has been linked to Justin Sun’s recent interest in purchasing FTX’s assets. On Monday, September 11, Sun signaled interest in buying FTX’s assets to reduce the potential market impact of the impending assets’ liquidation.
FTX collapsed in November 2022 due to a liquidity crisis, significantly impacting the cryptocurrency market. Sam-Bankman Fried, the exchange’s co-founder, is set to start trial in October for several counts of fraud-related offenses.
HT token price remains unchanged on the daily timeframe | Source: HTUSDT chart on TradingView
Featured image from iStock, chart from TradingView