Huobi's rebranding to HTX was met with resistance from the crypto community.
As it marks its 10th anniversary, cryptocurrency exchange Huobi announced a rebranding to "HTX" on September 13th.
The rebranded name, HTX, comprises the initial "H" from Huobi, the "T" from Justin Sun's blockchain initiative Tron, and the concluding "X" to signify an exchange.
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Another interpretation suggests that "HT" stands for Huobi Token (HT), the platform's native cryptocurrency, while the "X" may signify the Roman numeral for 10, a nod to Huobi's decade in business.
Following the rebranding, the company's new slogan is "HTX, Just Trade It."
Before going public with this change, Huobi updated its social media handles to align with the new name. Its Twitter account is now known as HTX_Global, and its Telegram group is rebranded as "HTXglobalofficial." Interestingly, the original Huobi name still graces the crypto exchange's website domain.
The rebranding has drawn immediate and widespread attention, especially on social media platforms. Critics point out the name's resemblance to FTX, a once-prominent crypto exchange that declared bankruptcy and whose founder, Sam Bankman-Fried, faces multiple fraud charges.
Public sentiment ranges from bafflement to concern, exemplified by comments like, "What's up with Huobi becoming HTX? It’s giving me FTX vibes," and, "Is this supposed to be a joke? FTX to HTX?"
The timing of the rebranding has also raised some eyebrows, as there have been speculations about Huobi facing legal difficulties. Although the crypto exchange vehemently denied reports of being close to insolvency or having its executives arrested, it was recently ordered to halt its operations in Malaysia due to regulatory enforcement.
Huobi's decision to rebrand itself as HTX has led to speculations and controversy within the crypto community. While the change may be intended to honor the crypto exchange's history and herald a new chapter, it has undoubtedly drawn comparisons to past failures in the industry, such as FTX. As the dust settles, it remains to be seen how this bold move will affect Huobi's standing in the competitive and ever-evolving crypto market.
