Huobi has rebranded to HTX, raising public scrutiny due to alleged similarities to the failed FTX exchange.
Crypto exchange Huobi has set the crypto world abuzz by announcing its shift to a new identity, HTX. This move coincides with the platform’s tenth anniversary.
But the switch hasn’t been without its detractors. Market players and social media users are drawing uneasy parallels between HTX and the bankrupt FTX exchange, whose founder, Sam Bankman-Fried, is embroiled in numerous legal disputes related to fraudulent activities.
What does HTX mean?
HTX’s renaming carries layered meanings that reflect the organization’s vision. Each letter is an acronym for various aspects of the company’s operations and collaborations. ‘H’ symbolizes Huobi, preserving the legacy of its original name. ‘T’ signifies a partnership with Justin Sun’s blockchain venture, Tron. Lastly, ‘X’ represents the very essence of the exchange itself.
Alternatively, ‘HT’ can be viewed as an ode to Huobi Token, the exchange’s native digital asset. At the same time, ‘X’ is a Roman numeral, marking the company’s ten years in the business.
HTX has laid out its strategy to amplify its international footprint. Partnerships with key public chains like Tron and projects within the TRX ecosystem, such as BitTorrent Chain and stablecoin endeavors like TrueUSD, form the cornerstone of this expansion plan.
Scrutiny, speculations, and memes
Social media platforms have been rife with commentary on the striking similarities between HTX and the defunct FTX.
The controversy adds another layer of intrigue as the industry ponders the motivations behind the rebranding, given the legal questions that circled the FTX founder.
Although buzz suggests that Huobi rebranded due to undisclosed legal complications, the exchange has rebutted such implications. In early August, the company went on record to refute claims about impending insolvency and denied that Chinese law enforcement agencies had apprehended any of its top executives.
In a landscape where perception often shapes reality, HTX’s new brand identity will undoubtedly continue to spark dialogue, scrutiny, and, perhaps, eventual acceptance as it embarks on the next chapter of its corporate journey.