Justin Sun revealed the details of HTX's rebranding
Date: 2023-09-14 Author: Karina Ziganova Categories: IN WORLD
According to him, the rebranding took place as part of the company’s global expansion into international markets.
According to him, the platform is currently working together with the authorities of Lithuania, Dubai and Australia to open a licensed business.
Foreigners have difficulty pronouncing the word “Huobi”; for them it is incomprehensible and does not carry any meaning. That’s the reason we rebranded to HTX,” Sun explained. Translated from Chinese, the word means “fire and coin.”
The co-founder of Tron said that HTX aims to become something more than a simple exchange for the Chinese.
The Binance platform had two large international campaigns, but both failed. Justin Sun said that the platform "also originates from China, but has made great strides in globalization - largely due to strong branding."
Sun said there have been “zero incidents” since Huobi launched in 2013, as the exchange team is always selective about listing new tokens.
The future of HTX includes more user interaction in order to “democratize” the coin staking process.
Media reported on the possible merger of Huobi and Poloniex, acquired by the head of Tron with a group of investors in 2019. In November 2022, news of this union was published.
The entrepreneur denied the rumors, but did not rule out similar developments in the future. The platforms later established a strategic partnership, with Sun himself proclaiming himself Huobi's global advisor.
In August 2023, the exchange suffered an outflow of funds amid allegations of insolvency appearing in the media - with all the ensuing consequences: the total value of blocked assets decreased by almost $54 million.
That is, this month Sun already admitted that the company was unprofitable. Over the past 4 quarters, Huobi has failed to post a net profit.
