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Huobi is undergoing a “rebranding” (reformulation). Due to its tenth anniversary, the cryptocurrency exchange changed its name to HTX. The company has already changed its name on its social media platforms. Additionally, it changed several product lines to match the new brand, such as the HTX Earn program.

Some market observers have pointed out similarities between Huobi’s new name and the now-defunct cryptocurrency exchange FTX.

“’H’ stands for Huobi, ‘T’ stands for TRON with the commitment to be fully on TRON, and ‘X’ stands for exchange. Looking at HTX through the combination of HT and X, HT represents the platform’s native token while X symbolizes the exchange,” the exchange said in a statement.

Huoba vira HTX

According to the statement, HTX’s new mission is to build “a free port in the metaverse” in order to achieve financial freedom for 8 billion people on the planet. The rebrand is in line with the company’s new plans to expand globally.

“HTX is embarking on a ‘global expansion, thriving ecosystem, wealth effect, and security and compliance’ growth strategy,” the company said.

As part of its expansion plans, HTX plans to reach markets with promising prospects in various countries and regions, with a primary focus on growth and profitability.

The former Huobi also said it will strategically partner with public networks like TRON, cross-chain protocols like BitTorrent Chain, as well as stablecoin projects like TrueUSD. The aim is to promote a multidimensional business ecosystem through collaborative efforts.

HTX further stated that after the rebranding, HTX’s listing strategy will begin a new phase. In this new moment, the company will expand its ecosystem with new asset listings.

“We will select premium and popular assets from around the world, featuring star projects that come with volume, popularity and new trends,” said the former Huobi.

Lastly, the company said it will deepen collaborations with key ecosystems, including but not limited to public blockchains, Layer 2, and memecoins. At the same time, it will continue to improve its core products, such as PrimeVote and PrimePool.

The platform’s native token, HT, reacted relatively well to the change. In the last 24 hours, the price jumped 3.5% to $2.43.

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