Huobi announced a rebrand and a new international strategy after being acquired last month

About a month after its takeover, Huobi stated aspirations to assist in reestablishing the cryptocurrency exchange as one of the largest in the world. On November 22, Justin Sun, the creator of the Tron blockchain and a consultant for Huobi, announced the revised approach. Creating a presence in the Caribbean is one aspect of the goal.

Huobi eyes Caribbean hub as part of post-acquisition plans

On October 7, Huobi was purchased by the M&A fund of About Capital Management. The agreement’s financial details weren’t made public, but prior rumors suggested that Huobi’s founder Leon Li, who founded the company in China in 2013, was aiming to sell his part in a deal that would value the company at $3 billion. Sun was appointed as Huobi’s counselor a few days afterwards.

Asked why Sun, in his role as advisor, appears now to be playing so central a role at Huobi, a spokesperson for the company said, “he’s lending his fair share of experience in marketing to ensure that Huobi’s rebranding launch will be successful.” They added: “Justin’s entire experience of building Tron’s brand from zero to one was invaluable.”

In October, Sun disclosed to Bloomberg that he is the owner of “tens of millions” of HT, Huobi’s native cryptocurrency. Sun tweeted shortly after the Huobi sale that “empowering HT, and HT can only survive on Huobi, is the key to renewing Huobi.” After that, its price briefly rose before falling down to roughly $5 this month. Huobi stated today that it aims to “give full play to the important strategic features of HT” in its statement.

Huobi’s spokesperson added: “There are plans to enable HT holders to vote to decide which tokens get listed on the exchange, such as the launch of PrimeVote earlier this month. It is one of Huobi’s initiatives to empower HT holders, giving voting rights back to the community so that users can have a say in the decisions that impact them the most.”

A rebrand will see the company’s name change from Huobi Global to simply Huobi — a nod, based on the characters that make up the Chinese version of the name, to its ambitions to once again become one of the world’s top three crypto exchanges.

Other points of focus in the plan outlined by Huobi involve international expansion and investments. The company plans to establish a presence in the Caribbean region — which it described in its announcement as an emerging crypto hub. Last year, Sun took a new post as ambassador to the World Trade Organization for the Caribbean island nation of Grenada. He has since been styled in announcements as “His Excellency.”

The Bahamas has been embroiled in the shocking collapse of Sam Bankman-Fried’s crypto empire in recent weeks. Still, Huobi’s spokesperson said the FTX saga would not damage the wider Caribbean region’s attractiveness as a base for crypto outfits. “FTX was catastrophically mismanaged as a company, but that does not equate to anything wrong with the Caribbeans per se,” they said. “The Caribbeans remain an attractive region for Huobi to expand since there is a strong incentive to build a more decentralized digital financial infrastructure.”

On the investment front, Huobi said it would ramp up investments in Southeast Asia, Europe, and other regions in which it could acquire new users. Strategic mergers and acquisitions are also on the table, it added.

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