Cryptocurrency exchange Huobi has announced its rebranding as "HTX" on its 10th anniversary, a move that has sparked controversy and drawn comparisons to the now-defunct exchange FTX.
Huobi Exchange Announced A Rebranding Effort
Cryptocurrency exchange Huobi has announced its rebranding as "HTX" on its 10th anniversary, a move that has sparked controversy and drawn comparisons to the now-defunct exchange FTX.
The “H” represents "Huobi," while “T” represents "Tron," and the “X” stands for the exchange. Huobi's native token, Huobi Token (HT), is also represented by the "HT" in the new name.
Huobi changed the names of its social media accounts to reflect the rebranding before the formal announcement. Its X (previously Twitter) account has been changed to HTX_Global, and the name of its official Telegram group has been changed to "HTXglobalofficial." The exchange's website domain, however, still bears the original Huobi name.
Notably, Huobi is not the only startup to use a name structure similar to FTX. In January 2023, the owners of the defunct cryptocurrency hedge firm Three Arrows Capital proposed a cryptocurrency exchange dubbed "GTX," which capitalized on the fact that "G" follows after "F."
The similarities between Huobi's new brand name and FTX have sparked questions in the crypto space, as FTX's founder, Sam Bankman-Fried, is currently facing fraud-related charges. Some commentators were perplexed and skeptical about the "HTX" name, questioning why a brand would take a similar name after FTX's demise in 2022.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
