Huobi Exchange Rebrands as HTX

The Huobi cryptocurrency exchange conducted a major rebrand to mark its tenth anniversary since launch, during which it changed its name to HTX and unveiled a new project roadmap.

“The mission of HTX is to create a free port of the metaverse with the aim of achieving financial freedom for 8 billion people on Earth. We are proceeding with a growth strategy based on global expansion, a thriving ecosystem, the wealth effect, as well as security and compliance,” the press release said.

The cryptocurrency exchange plans to expand its business globally, entering new markets with “promising prospects in various countries and regions.”

HTX will strategically cooperate with public networks such as TRON, inter-chain protocols such as BitTorrent Chain, and stablecoins such as TrueUSD.

The trading platform will also focus on Layer 2 protocols and meme tokens. The exchange’s leadership pledged to publish regular proof-of-reserves reports.

In November 2022, media reported a possible merger between Huobi and Poloniex, which Justin Sun and a group of investors bought in 2019. denied the rumors, but did not rule out such a development in the future. Later, the platforms established a strategic partnership.

In August 2023, Sun admitted the company was loss-making. Over the last four quarters Huobi has failed to report a net profit.

That same month, the platform faced an outflow of funds amid rumours of insolvency — as a result, the total value of blocked assets declined by almost $54 million.