The rebranded crypto exchange HTX intends to apply for licenses in several new jurisdictions. Sun disclosed this at the Token 2049 conference, according to The Block.
According to him, the rebranding occurred as part of the company’s global expansion into international markets.
He noted that the trading platform is already working with governments in Lithuania, Dubai, Australia and Latin American countries to launch licensed operations.
“Foreigners have difficulty pronouncing the word ‘Huobi,’ and it means nothing to them. That is why we rebranded to HTX,” Sun explained, adding that, in Chinese, the word means “fire and coin.”
The Tron co-founder said HTX aims to be something more than just an exchange for Chinese users.
The platform previously ran two major international campaigns, but they proved less effective, Sun noted. He added that Binance “also originated in China, but has achieved greater success globally” — largely thanks to better branding.
Sun also boasted that since Huobi’s launch in 2013 there have been “zero incidents,” as the exchange team is selective about listing new tokens.
In the future, HTX plans to engage more with users to “democratize” the process of listing coins.
In November 2022, media reported a possible merger between Huobi and Poloniex, which the Tron head and a group of investors acquired in 2019.
Entrepreneur denied the rumors, but did not rule out such a development in the future. Later, platforms established a strategic partnership, and Sun himself named himself a global adviser to Huobi.
In August 2023, the exchange faced an outflow of funds amid insolvency rumors — the total value of blocked assets fell by almost $54 million.
In the same month, Sun admitted the company’s losses. Over the last four quarters, Huobi has not managed to show a net profit.