After the bankruptcy of one of the largest centralized exchanges, FTX, a rival token took action. Altcoin soars in double digits as new brand update and global global expansion roadmap are revealed.
After FTX’s bankruptcy, this exchange token took action
Huobi’s cryptocurrency Huobi Token (HT) is up over 20% compared to the last 24 hours. After the new announcements of the stock market, it rose to $ 7.27 in a short time. It nearly doubled in value at $3.70, the 13th November low. Huobi’s move comes after FTX filed for bankruptcy on November 11. Right now, while the entire industry is trying to recover from the crisis, central exchanges are showing signs of recovery. Huobi has thus created a series of five green candles, one of which is red, since November 22. Similarly, it gained over 20% yesterday.
Huobi Token (HT) was the skyrocketing altcoin project of November 26
Earlier in the week, the exchange announced a new global expansion roadmap in addition to a brand update. On October 8, Huobi founder Leon Li announced that his entire controlling stake was sold to Hong Kong-based About Capital Management. This is one of the factors that increase the price of Huobi Token (HT). The exchange, however, shared its new roadmap on November 22 as part of the restructuring. It was expected that Huobi will be rebranded and future plans for the HT token. Official tweet and details:
According to the announcement, Huobi plans to use HT tokens to allow its users to vote for “high-quality projects” to be listed on the platform. He also shared that expansion will generally focus on regions with strong growth prospects, such as South East Asia and Europe. According to the report of Wu Blockchain from Twitter, the Justin Sun-backed exchange Poloneix will merge with Huobi in the coming periods.
Justin Sun shares Huobi’s plans for Web3
The Tron founder said that Huobi, whom he consults, will take steps towards Web3 in addition to the above explanations. In his statements on November 22, he said:
Three powerful strategies for rebranding HuobiGlobal: “Global development, Technology-driven progress and Science for a Good Future.” Huobi will wholeheartedly serve global users in providing professional services and will work with the industry to create a global Web 3.0.
cryptocoin.comAs you follow, Poloniex, another Justin Sun-backed exchange, announced on November 25 that it will suspend trading in BEP20-based stablecoins. This move of the stock market includes stablecoin giants such as USDT, USDC, TUSD and BUSD. Binance has previously taken a similar step to strengthen its stablecoin, BUSD.
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