Huobi / HTX
Huobi / HTX is a Bitcoin company in the Exchanges category, founded in 2013 by Leon Li.
The Idea
A Bitcoin trading platform for the Chinese market. Founded September 2013, Huobi quickly grew to become China's largest digital asset exchange by December 2013, with trading volume exceeding 30 billion yuan.
Early Traction
Along with OKCoin and BTC China, Huobi was one of the 'big three' Chinese exchanges that collectively controlled the majority of global Bitcoin trading volume.
Peak Stats
China's largest exchange at peak. Expanded to 130+ countries.
Status Today
Acquired by Justin Sun in October 2022 for a rumored $1B. Rebranded to HTX in September 2023. It continued to operate but with significantly less credibility in the market following the sale to Justin Sun, exchange hacks, and operating as an offshore exchange. Even so, HTX remains one of the larger offshore exchanges, a top 10 venue by global spot volume.
Why It Matters
Huobi's story mirrors the arc of the Chinese digital asset industry: massive growth, government crackdown, and eventual exodus. Its acquisition by the controversial Justin Sun marked the end of an era.