The rebranded crypto exchange HTX intends to apply for licenses in several new jurisdictions. Tron co-founder Justin Sun spoke about this at the Token 2049 conference, The Block reports.
According to him, the rebranding took place as part of the company’s global expansion into international markets.
He clarified that the trading platform is already collaborating with the governments of Lithuania, Dubai, Australia and Latin American countries to launch licensed businesses.
“For foreigners, the word “Huobi” is difficult to pronounce and has no meaning for them. That’s why we rebranded to HTX,” Sun explained, adding that the word means “fire and coin” in Chinese.
The co-founder of Tron clarified that HTX strives to become something more than just an exchange for residents of China.
In the past, the platform launched two large international campaigns, but they were not very effective, Justin Sun emphasized. He noted that Binance “also comes from China, but has made great strides in globalization,” largely due to better branding.
Sun also boasted that there have been “zero incidents” since Huobi launched in 2013, as the exchange team is selective about listing new tokens.
In the future, HTX plans to interact more with users to “democratize” the coin staking process.
In November 2022, the media reported about the possible merger of Huobi with Poloniex, which the head of Tron and a group of investors bought in 2019.
The entrepreneur denied the rumors, but did not rule out similar developments in the future. The platforms later established a strategic partnership, with Sun calling himself Huobi’s global advisor.
Let us recall that in August 2023, the exchange faced an outflow of funds amid rumors of insolvency – as a result, the total value of blocked assets decreased by almost $54 million.
That same month, Sun admitted the company was unprofitable. Over the past four quarters, Huobi has failed to post a net profit.
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