Huobi will retain its identity for Chinese-speaking regions, but the exchange will now be recognized as HTX on the global scene.
Popular cryptocurrency exchange Huobi celebrated its 10th anniversary on Wednesday by announcing its rebranding to HTX. However, there might be more to the move that controversially appears to echo the bankrupt exchange FTX.
According to the September 13 announcement, “H” simply represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange. But then, Huobi intends to use its new international brand to pursue its global expansion goals.
Reasons Why Huobi Rebranded to HTX
According to Justin Sun, who prides himself as a global advisor to Huobi, the exchange is keen on spreading its tentacles around the world. So, to grow out of its current status of being a “Chinese-dominated” exchange, Huobi will use HTX to secure operational licenses across the globe. That is over the next decade or so. Presently, however, the exchange has at least seven licenses globally.
Sun explained the idea behind the rebranding while speaking at a media briefing at Token 2049 in Singapore. He said that one of the core aims of HTX is to serve Huobi’s English-speaking users, who according to him, find it a difficult task simply pronouncing ‘Huobi’. “It doesn’t make any sense to them,” Sun adds.
Although Huobi will retain its identity for Chinese-speaking regions, the exchange will now be recognized as HTX on the global scene.
Sun believes that the rebranding would go a long way to help Huobi achieve its global ambitions. He recalled how the exchange had previously launched two major international campaigns in the past. According to him, the campaigns could not help Huobi attain the same level of success as Binance and other China-born exchanges that also attempted to go global.
Sun said that the missing part has always been branding. So, now, expectations are that Huobi may now use HTX to keep pace with its rivals who are also looking to gain global establishment.