- Huobi crypto exchange rebrands to “HTX” on its 10th anniversary.
- The new name “HTX” could represent Huobi Token and the number 10.
- Huobi denies rumors of legal troubles and potential bankruptcy.
Crypto exchange Huobi has announced a controversial rebranding strategy to mark its 10th anniversary. Effective September 13, the company will be known as “HTX”. The new name is an acronym, with “H” representing Huobi, “T” denoting Justin Sun’s Tron blockchain project, and “X” symbolizing the exchange itself.
Conversely, “HT” could represent the native Huobi Token (HT) of the exchange, and “X” might be interpreted as the Roman numeral for 10, signifying the company’s decade-long existence. The company’s updated slogan is “HTX, Just Trade It.”
Similar Traits to Defunct FTX
Before publicly announcing the change, Huobi had already modified their social media accounts to reflect the new development. This includes their official Telegram group and their newly created Twitter account for the exchange. Observers on social media were swift to draw parallels between Huobi’s new name and FTX, the defunct exchange.
Nevertheless, Huobi isn’t the sole startup that has drawn inspiration from the FTX crisis regarding its name. At the beginning of this year, the founders of the now non-operational cryptocurrency hedge firm Three Arrows Capital declared their plan to secure $25M in funding for a new cryptocurrency exchange they’ve named GTX.
Moreover, several community members have highlighted that Huobi underwent a name change following alleged legal issues. However, the exact nature of these issues remains uncertain as the exchange has refuted any claims of legal troubles. It has also dismissed speculations about potential bankruptcy and the arrest of its executives by Chinese authorities in early August.
