In an industry where a decade is a significant milestone, the crypto exchange Huobi, now rebranded as HTX, is marking its tenth anniversary. This occasion represents the successful culmination of a journey filled with remarkable highs and challenging lows.
The exchange opened for business in 2013 and grew to become the largest in the Chinese market by 2017. Despite exiting Mainland China in 2021, Huobi achieved significant milestones elsewhere.
Huobi Undergoes Rebrand to HTX
The rebranding to HTX, under the new ownership of controversial figure Justin Sun, founder of TRON, signals the start of a new global chapter.
According to an HTX spokesperson,
“’H’ stands for Huobi, continuing the heritage of Huobi. ‘T’ represents TRON, showing a commitment to continue building in the TRON ecosystem, and ‘X’ stands for the exchange.”
From another perspective, ‘HT’ also represents the native platform token on the exchange (HTX Token), so the name ‘HTX’ can also be understood as the exchange for trading HT.
However, HTX’s transition hasn’t been without its challenges. The exchange’s crypto reserves have changed due to stUSDT, impairing its ability to handle sudden fund outflows. This change has caused concern among institutional traders.
The exchange also has had trouble navigating stifling crypto regulations, especially with its links to China.
Read more: TRON (TRX) Price Prediction 2023/2025/2030
Global Reach and Product Diversity
As the crypto industry evolves, HTX is hoping to adapt to new changes. The rise of DeFi, layer 2 networks, and other exchanges have created greater competition, pushing HTX towards transformation and upgrade.
HTX’s strategic plan covers two main areas: expanding its global reach and diversifying its product offerings. The goal is to achieve global expansion coordinatedly, reducing dependence on a single country or region.
HTX is also advancing compliance efforts in other countries and regions. These include including Gibraltar, Lithuania, Dubai, Australia, and more, applying for licenses and building compliance.
Moreover, HTX is reshaping its product portfolio, diversifying its products and services beyond geographical expansion Its plans to consistently refine its flagship product lineup, featuring PrimeVote and Flexi Max, and unveil more new offerings.
In doing so, HTX aims to furnish users with secured and diverse options for safeguarding and maximizing the value of its crypto assets.
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Source: https://beincrypto.com/huobi-crypto-exchange-htx-global-journey/