Huobi has invited community backlash and mockery after rebranding to HTX, a name that resonates with the bankrupt crypto exchange FTX.
The crypto exchange Huobi, often surrounded by controversy, has decided to rebrand to HTX. Is it a marketing blunder, or does the team have solid reasoning?
Why Did Huobi Rebrand to HTX?
According to Huobi’s official announcement, the following are the reasons for the rebranding:
- In HTX, H stands for Huobi, T represents the TRON blockchain, and X stands for exchange.
- HTX also signifies the combination of the Huobi native token’s ticker, HT, and X for exchange.
- X also represents the Roman number 10. Hence, HTX symbolizes the Huobi token and the 10th anniversary of the company.
Huobi has also changed the username of its X (Twitter) account to reflect the rebranding to HTX. While the domain name of the official website is still unchanged, the front-end interface reflects the change.
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Community Critical of Move
In a normal scenario, the development might sound like smart branding. However, following last year’s collapse of the FTX exchange, most brands would go out of their way to avoid anything that resonated with Sam Bankman-Fried’s failed exchange.
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The community has objected to the rebranding and criticized the team. An X (Twitter) user Ryan wrote:
“Is this suppose to be a joke? FTX -> HTX???? That’s the first thing everyone will think. I wonder why you would brand yourself that way?”
And crypto marketing manager Jonny De said:
“The year that FTX pulled the biggest financial scam in history, one of the biggest CEXs has rebranded to pretty much sound the same (HTX).
“This has to be trolling.”
Another user was more direct: “Fire the branding team right away.”
It is worth mentioning that before the launch of the OPNX exchange, the founding team consisting of the disgraced founders of the Three Arrow Capital chose the name GTX, which also rhymed with FTX. However, later, they changed the name to OPNX.
Huobi has been in difficulty lately due to declining reserves and trading volume, with a surge in outflows igniting rumors of insolvency. As of writing, the HT token is trading at $2.43, up by 3.35% in the last 24 hours.