A remarkable turn of events has unfolded in the crypto arena. The well-renowned digital asset exchange, Huobi, has an ongoing rebranding on its 10th anniversary, transforming into HTX unexpectedly. The indications are clear, by a series of changes, across their official social media and community pages, extending to the exchange’s web urls now donning HTX.com.
A global phenomenon for the past decade, the exchange has tallied a hefty 24-hour trading volume exceeding $664,225,880.32. Despite being a regular frontrunner among the exchanges gauged by trading volumes, HTX has recently retreated from the top 10 according to CoinGecko’s latest data.
Augmenting the rebranding milestone, HTX revealed major collaborations, particularly salient being a deal with the esteemed blockchain security entity CertiK intending to upgrade its existing infrastructure.
Predictably, the rebranding decision stirred a heated discussion among digital asset enthusiasts. Advocates are welcoming the optimistic prospects this evolution might carry along. They perceive it as a commemorative gesture underlining a decade of engaging with its user base.
However, opposing reactions are equally as strong but tinged with a humorous and reflective undertone. Some individuals drew a seemingly ironic connection to the notorious FTX, a collapsed crypto exchange. For instance, certain users such as @esatoshiclub voiced their resurfacing unpleasant memories whereas @nirvana_aditya light-heartedly interpreted HTX as FTX, thus venting their skepticism.
The echoes of the chaotic collapse suffered by FTX last year still loom large, with the market turmoil it had generated still vivid. The episode saw billions of investors’ funds evaporating into thin air, which subsequently prompted regulators across multiple jurisdictions to tighten their control measures.
Like a double-edged sword, this HTX episode is teetering on the edge of a potentially transformative phase and a contentious overhaul. While it is a chance to remember the monumental 10-year journey, it simultaneously reminds us of the harsh realities and risks in the realm of crypto exchanges.
Source: Cryptonews
