This latest crypto winter has brought more uncertainty about the future of crypto than ever before. Following the historic collapse of Terra/Luna, market conditions have put pressure on the entire industry as a whole. The aftermath of the event resulted in Celsius Network, Voyager Digital, BlockFi and other major CeFi institutions facing solvency issues and suspending user withdrawals.
While long-standing industry players like Huobi have maintained their stability within the market, solvency issues continue to affect the industry. Most recently, the collapse of FTX has ushered in a new wave of fear, uncertainty and doubt (FUD) from both retail investors and major institutions. FTX’s mismanagement of funds and risk has brought back the often repeated phrase “crypto is dead” from many. Others, like in previous winters, continue to build on a system that makes finance available to everyone.
For those who have been in crypto for a while now, this isn’t their first winter. While crypto winters past and present have tumbled some of the most well known players in the industry, those who remain continue to adhere to core principles and build on the trust they’ve gained along the way.
Even if FTX fully collapses, crypto will continue to prevail and the future will be dependent on projects and companies like Huobi that continue to push for a more transparent, democratized financial system. Even prior to the fall of FTX, Huobi has pushed for a safer, more secure crypto trading environment for all. Building on nine years of trust, the next chapter of Huobi can help restore faith in the crypto market.
A brief history of Huobi
In its nine years of operation, the exchange has never experienced platform-based security incidents. Operating across international markets, Huobi’s customer-centric and secure trading environment brought millions of early adopters into the world of crypto. In order to onboard the next billion users into crypto and re-establish itself as a top three exchange in the industry, Huobi has taken increasingly larger steps to better the trading experience for everyone.
In line with this vision, Huobi announced in October that it was acquired by About Capital. The acquisition marks a new era for the exchange, which emphasizes the growth of the platform while maintaining its dedication to innovation and security. To demonstrate this commitment, His Excellency Justin Sun, a member of Huobi’s Global Advisory Board and the Ambassador and Permanent Representative of Grenada to the WTO, outlined a new vision for Huobi and unveiled a new name to reflect this belief.
Since Sun, who is also the founder of TRON, joined Huobi, he has been working hard to promote the exchange’s global development and has helped determine two main directions for the future: empowering Huobi’s platform token Huobi Token (HT) and strengthening its globalization efforts. As a prominent figure in the crypto space, Sun has always paid attention to the overall development of the industry.
To further drive Huobi’s commitment to this new vision, the company has announced that it will rebrand as Huobi instead of Huobi Global, represented by the two Chinese characters: 火必. In Chinese, the “火” character represents perpetual vitality and passing this same vitality through future generations in Chinese culture. “必” can also be seen as an amalgamation of the characters “心” and “义,” which mean “heart” and “righteousness,” respectively. The symbolism behind the two Chinese characters means the new Huobi will serve from its heart in providing professional digital asset services to global users. This is also reflected in its mission: “Enhancing Asset Safety, Promoting Financial Inclusion.”
Building on Huobi’s trust
Though the exchange is under new management with a new name, it nonetheless maintains its commitment to developing upon the same Huobi exchange that has been trusted for the past nine years. Following the brand refresh, Huobi aims to give full play to the important strategic attributes of the exchange’s existing structures.
Huobi will continue to be the place where you can find quality assets, support the community of impactful projects and encourage safe and secure user participation. The company will also focus on creating cutting-edge assets and supporting assets with strong market potential. Huobi will strive to build a safer and more stable environment for users to participate in early-stage quality projects, while promoting the steady development of the global virtual assets industry.
Additionally, Huobi will continue to strengthen HT and ensure that it’s at the center of the platform’s activities. Huobi will also continue to explore high-quality projects in the market where HT holders can vote for those they want to see listed. By doing so, Huobi gives its users a say in the decisions that impact them the most. Building on nine years of trust and innovation, Huobi continues to move toward a name that’s almost synonymous to crypto among many users worldwide.
Related: What Is an Exchange Token?
Technology for good
Huobi’s new brand vision highlights the fact that technology changes the world. To ensure that Huobi and the future of blockchain technology change the world for good, the exchange is committed to implementing positive, transparent technological implementations.
Huobi guarantees the security of user assets and 100% redemption, with no restrictions on user deposits and withdrawals regardless of market conditions. Even prior to the fallout of FTX and an industry-wide call for transparency, Huobi has been ensuring that assets are secure and available for its clients. In October, the exchange completed the 100% margin Merkle Tree fund reserve certificate, providing its customers assurance over the safety of their funds.
Beyond working directly with its users, Huobi has also expanded its mission to work with regulators and governments to ensure the platform’s safety. Huobi is committed to corporate social responsibility, strengthening risk management and security protocols and ensuring the safety of user transactions and assets.
One way the company is ensuring safety and furthering its global reputation is through the establishment of a global advisory board. About Capital’s Ted Chen, alongside other international industry leaders like Sun and Valkyrie Investments CEO Leah Wald, will push for the company’s international growth and global compliance.
Beyond implementing exchange-specific technology, Huobi is using technology to do more good in the world. Beyond its exchange operation, Huobi is a tech-first company and has helped in promoting the industry, from industry education, social responsibility and other measures.
In April 2016, Huobi launched the Huobi Blockchain Application Research Institute (referred to as the "Huobi Research Institute"), which is committed to accelerating the research and development of blockchain technology, promoting the application of blockchains and strengthening the blockchain industry ecosystem.
In addition, Huobi has been enthusiastic in fulfilling its corporate social responsibility. In 2021, for example, Huobi donated $1 million in Bitcoin (BTC) and fiat currency to UNICEF to help foster global blockchain development and innovations with the potential to impact children and youth worldwide.
Those who’ve been in the industry as long as Huobi know that the fall of FTX is far from the death of crypto. Through respecting and adhering to regulatory policies in individual markets, while innovating technology for good, Huobi is braving another crypto winter while strengthening the entire industry. Building on nearly a decade of trust, this new chapter of Huobi will see its return to the top three positions in the industry and a better future for crypto.
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