Huobi Is Now HTX
Crypto exchange Huobi is celebrating its 10th anniversary and that's great. It has rebranded from Huobi to HTX. Now HTX is this exchange's new name. Doesn't it sound like FTX - the bankrupt crypto exchange? Rebranding and changing its name raises criticism in the crypto community.
So what does HTX stand for? H represents Huobi and T represents Tron blockchain. X stands for exchange. There are other interpretations of HTX as well. HT implies the crypto exchange's native Huobi Token, HT, and X means exchange. X also represents 10 in Roman numerals. And we know Huobi decided to rebrand the exchange on its 10th anniversary.
What does come to your mind first when you hear the name HTX? It gives negative vibes. People are aware of what the collapse FTX exchange did with users' funds. Now FTX founder Sam Bankman-Fried, or SBF is dealing with the lawsuit. 13 charges were brought against him and users' funds are stuck there.
I do not know why Huobi chose to rebrand as HTX. Many people are talking about it and sharing their opinions on X. A user on X asked whether this was some sort of joke. Someone told directly to fire the branding team as a response to this change. People will know the crypto exchange as HTX from now on.
Huobi has changed its X (Twitter) name. It is now HTX_Global. They also changed their official Telegram group to HTXglobalofficial. The website address has not changed yet. You can still visit the website using the same address. But you will notice the name HTX everywhere.
A name gives a message and people recognize that every time they come across the brand. You feel in a certain way that gives a long-lasting impression on your mind. Hasn't the Huobi branding team found a better name rather than HTX?
You might have heard another name GTX. Three Arrows Capital founders made a plan to launch a crypto exchange named GTX. Again you get the same FTX vibes here. Looks like it is difficult for them to come up with a name that does not sound like FTX.
People use centralized crypto exchanges to do trading and invest in cryptocurrencies. If you are trading crypto or investing in crypto, you can have your funds in exchanges. But it is not safe to leave your crypto assets on an exchange that you do not use to do something. If you buy crypto and intend to hold it, you should transfer that to your crypto wallet.
Technically the crypto exchange owns your crypto as long as it is there on the exchange. You have complete ownership when you have it in your wallet where you hold the private key. There were rumors in the market that Huobi was close to insolvency. Huobi denied everything and that was just a rumor. Reserve and trading volume also declined.
If you visit Coingecko and Coinmarketcap, you will not see Huobi in the exchange list anymore. It is now HTX. So what do you think about Huobi's new name HTX?
