Amid the bear market, one of the leading crypto exchanges “Huobi Global” has unveiled plans to change its name only to “Huobi” alongside other structural reforms and branding strategy according to Huobi Global post.
— Huobi (@HuobiGlobal) November 22, 2022
The virtual asset exchange disclosed that the new branding strategy will be launched today Nov. 22. It also unveiled a new global expansion roadmap, which was the first global step to be taken following its acquisition by About Capital last month.
It is interesting to note that the new name consists of two Chinese characters “火” and “必”. While the first one stands for perpetual vitality and extending this same vitality through future generations, the second symbol represents determination to win. And this is one of the objectives of the exchange to reclaim the top 3 exchanges of the industry.
In the same vein, the character “必” refers to a synthesis of the characters “心” and “义”, which collectively mean “heart” and “righteousness.” This implies that the new Huobi is dedicated to serving customers with its heart and might.
Speaking on the new development, Huobi’s global advisory board member H. E. Justin Sun identified three powerful areas that the rebranded exchange will focus upon, namely: global development, technology-driven progress, and science for a good future.
🔥Three powerful strategies for rebranding @HuobiGlobal: "Global development, Technology-driven progress, and Science for Good Future."#Huobi will serve from its heart in providing professional services to global users and work with the industry to build a global #Web 3.0. pic.twitter.com/TNiXXIkMkK
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 22, 2022
He further added that the exchange has continued to stand the test of time following its nine years of existence and has become a household name across board.
Crypto Exchanges Condition Following FTX Fall
While Huobi global’s operation has not been negatively affected by the collapse of FTX exchange, it is noteworthy that the exchange was not spared from the woes as Huobi was unable to withdraw over $13M customer funds from FTX.
Huobi announced $18.1 million in crypto cant be withdrawn on FTX- $13.2m are customer assets.
A $14m unsecured loan will cover the client loss, creating a $32m debt for Huobi
Like I said before: there will be unpredictable fall out from FTX in the following weeks. Derisk now. pic.twitter.com/Wj1gZ9ush8
— Rugdoc.io (@RugDocIO) November 14, 2022
On the contrary, Genesis Global and Gemini exchange have been negatively affected by the FTX imbroglio with the former suspending withdrawal as a result of market volatility and instability.
Meanwhile, Huobi and Gate.io have been tackled over some surreptitious transfers and transactions after disclosing their proof of reserve.