A prominent cryptocurrency exchange, Huobi has rebranded to HTX. This transformation signifies an important step as the company marks ten years in the industry, bringing together Huobi's mission, TRON token, and the essence of a crypto exchange.
The rebranding choice of "HTX" carries significance, the exchange explained. Breaking it down, "H" pays homage to Huobi, "T" symbolizes TRON, and "X" represents the essence of an exchange. This combination of "HT" and "X" depicts HT as the platform's native cryptocurrency, while "X" represents the Roman numeral for 10, acknowledging HTX's ten years in the industry.
Twitter Space Alert!A New Chapter of #HuobiUnveiling the Future: #Huobi's Brand Upgrade to #HTXJoin us tmr at 8pm SGT????@33Huobi @99HTX_Set Your Reminder:https://t.co/d1bxqOVqtU pic.twitter.com/APx9y0zHPi
— HTX (@HTX_Global) September 13, 2023
"HTX's new mission is to build a metaverse-free port with a vision to achieve financial freedom for 8 [billion] people on Earth," the exchange said. "HTX is embarking on a growth strategy of global expansion, thriving ecosystem, wealth effect, security, and compliance."
Huobi's Vision for a Decentralized Future
Beyond rebranding, HTX's listing strategy entered a new phase, with a focus on expanding its ecosystem through the introduction of new assets. The company is committed to empowering the community to decide which assets to list, welcoming premium and popular projects from across the globe.
In addition, HTX plans to partner with public chains, cross-chain protocols, and stablecoin projects. The exchange emphasized promoting sustainable growth of decentralization while mitigating risks associated with centralized crypto trading. These efforts involve distributing user assets through a decentralized custody system backed by 24/7 customer support.
Challenges and Global Expansion
Last month, HTX faced a difficult experience, shedding $500 million in market value, after rumors regarding the arrest of its leadership in China and alleged insolvency went around. Amid the claims, concerns regarding the financial health of Huobi emerged, seemingly tied to the devaluation of stablecoin Tether (USDT).
While Huobi has vehemently denied these rumors and insolvency concerns, the company experienced regulatory concerns in Malaysia in May. This led to the shutdown of its operations over allegations it was operating without proper registration. Additionally, its website and mobile application were blocked in the country.
However, Huobi continues to expand its operations in other regions. In February, the exchange's Hong Kong subsidiary introduced cryptocurrency spot trading and virtual asset custody services. This expansion is part of Huobi's plan to secure a virtual asset exchange license from the Hong Kong Securities and Futures Commission.
This article was written by Jared Kirui at www.financemagnates.com.
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