HT Shots Up 7% as Huobi Announced Expansion Plans

The cryptocurrency exchange Huobi Global plans to expand its global presence by investing in Europe, Southeast Asia, and other regions.

The native token of the platform – HT – reacted positively to the news surging by nearly 7% over the past 24 hours.

The Expansion Roadmap

In a recent announcement, the trading venue revealed a new branding strategy, following which “Huobi Global” will be known as simply “Huobi.” The firm disclosed that its primary goal for the near future is to return to the top three biggest exchanges in the world.

It also presented plans for a global expansion by investing in numerous areas across the globe, mainly Southeast Asia, Europe, and the Caribbean region. The firm has described the Caribbean as a crypto hub due to its “welcoming regulatory stance, common law systems, and the use of English language.”

As part of the rebranding, Huobi said it will look for and hire talents in the blockchain industry. For its part, the native token – HT – will stay at the heart of the business strategy.

HT spiked almost 7% shortly after the news to about $4.7. Nevertheless, the asset, similarly to most cryptocurrencies, is far below its all-time high price of nearly $40, registered in May 2021.

Justin Sun Is an HT Whale

One of the most popular names in the crypto space – Justin Sun – admitted last month that he is one of the biggest holders of HT. The Founder of Tron claimed he has “tens of millions” of tokens, saying he started accumulating in 2013.

Sun is also part of Huobi’s Global Advisory Board. He said he was pleased to enter the organization and vowed to work for its future development:

“I am very honored to be appointed as a member of the Global Advisory Board of Huobi Global and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead.”

The Chinese entrepreneur also displayed intentions to strengthen Huobi’s presence in his homeland should local regulators change their adverse crypto stance in the future.