Huobi Global, one of the top trading platforms renowned as a major backer of the Shiba Inu (SHIB) meme coin project, has announced its comprehensive rebranding to HTX. The move, according to the exchange, was targeted at creating a new identity for the firm after a cumulative 10 years since it began serving customers from around the world.
The trading platform has been quite proactive amid the switch, as every one of its social media handles, including its official X account, has been rebranded to feature the new name. The company has even gone ahead to change some of its products to reflect the rebranded name, as it believes this new name will grant it the sort of visibility it needs.
According to the trading platform, the "H" in the rebranded name stands for Huobi, "T" represents TRON with a commitment to being all in on TRON, and "X" stands for e(x)change. This renaming is adjudged as thoughtful as it bears a unique resemblance to both the Huobi and Tron brands, all under the administration of founder Justin Sun.
The rebranded name is even more intriguing due to the close similarity it has to the now-defunct brokerage, FTX Derivatives Exchange.
New dawn for Huobi — er, HTX?
The rebranding of the Huobi exchange to HTX might prove to even be more well thought out as the former brand is associated with a lot of controversies from insufficient liquidity to falsification of true reserve holdings.
While HTX will not be starting afresh, the rebranding might spell a new dawn for the trading platform to regain its fair share of the market at a time when most leading competitors, including Coinbase Global Inc. and Binance exchanges, are battling regulatory crackdowns from the United States Securities and Exchange Commission (SEC).
With the rebrand, Huobi is expected to deepen its support for SHIB, XRP, Cardano (ADA) and other altcoins.