The famous Huobi exchange suddenly changed its name. But what is the reason? The new name of the Huobi exchange surprised the crypto community. In this Pooyanmusic post, you will read about the change of name of Huobi Exchange to HTX.
The name HTX represents the exchange, the Tron blockchain project and the company’s 10th anniversary.
Cryptocurrency exchange Huobi is celebrating its 10th anniversary with a controversial marketing move. The company is rebranding from “Huobi” to “HTX”, which is a repeat of the bankrupt exchange FTX.
Huobi announced the rebranding on September 13. “H” stands for Huobi’s initials, “T” stands for Justin Sun’s Tron blockchain project, and “X” stands for Transaction.
Another interpretation is that “HT” represents the exchange’s native Huobi Token (HT). while “X” is the Roman numeral for 10, a tribute to the company’s 10th anniversary. The company’s new motto is: “Just trade!”
Prior to the official announcement, Hobi renamed his social media accounts to reflect the new name. The X category of the exchange (formerly Twitter) is now HTX_Global. While its official Telegram group is “HTXglobalofficial”. Its website domain still reflects Huobi’s original name at the time of writing.
Huobi’s new name quickly caught on on social media, with many questioning the similarity to FTX, the defunct exchange whose founder, Sam Benkman-Fried, is facing 13 fraud-related charges.
What’s up with Hobi becoming HTX? I think this is giving me FTX vibes,” wrote one cryptocurrency watcher on X. I do not have a good feeling!
“Is this a joke? FTX to HTX? That’s the first thing everyone thinks of.” Another X user argued, expressing confusion as to why a brand would choose such a name after FTX’s collapse in 2022.
However, Huobi is not the first company to apparently borrow part of its name from the troubled FTX. In January 2023, the founders of the fallen cryptocurrency hedge fund Three Arrows Capital announced a plan to raise $25 million for a proposed cryptocurrency exchange called GTX.
Some cryptocurrency watchers also argued that Huobi changed its name “after legal trouble”. It is unclear what legal problems this has caused, as the exchange has denied any problems. In early August, it denied reports that it was approaching bankruptcy and that some of its top executives had been arrested by Chinese police.
Previously, Huobi Global also ordered the closure of its operations in Malaysia following an enforcement action by the country’s securities regulator in May 2023.
Huobi did not immediately respond to Cointelegraph’s request for comment.