HTX Tops Coinbase With $2.4 Billion In Total Spot Trading Volume
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HTX, previously called Huobi, a platform that offers cryptocurrency trading services, has overtaken Coinbase in daily traded volumes. According to the latest development, HTX has increased the competition between cryptocurrency service providers.
On May 27, Tron Founder, Justin Sun, who is also an adviser to HTX, shared the news on his X account. He said he’s excited about the recent achievement. He also noted that the achievement is just a start for HTX, and the platform aims for more growth in the future.
HTX Handles $2.4 Billion In Daily Trade Volumes
According to the latest update, HTX handles about $2.4 billion in daily trade volumes. Coinbase is slightly behind HTX in the cryptocurrency leading chart with daily trade volumes of about $2 billion.
A report from two cryptocurrency aggregators confirms HTX’s growth in daily trade volume. Both platforms have revealed HTX trading activities and how it surpassed Coinbase in spot trading volume.
HTX is one of the biggest and oldest cryptocurrency exchanges in the world. It celebrated ten years of service in September 2023. It was previously called Huobi but changed its name to HTX during its 10th anniversary.
The exchange’s achievement came when Coinbase battled many legal disputes in the United States. In 2023, the Securities and Exchange Commission in the country filed a case against Coinbase, revealing some violations in security.
Coinbase Attempts To Solve Major Regulatory Issue
Coinbase is still fighting to resolve the regulatory issue it is facing. It sent a request to a US court, asking for the dismissal of the SEC’s case. However, the US court denied the request. The current legal proceedings claim that the exchange works as an unregistered broker and cryptocurrency exchange.
The rebranding of Huobi to HTX has raised questions in the cryptocurrency community, as it shares some similarities with the collapsed FTX.
The name HTX signifies its future objectives. The first letter “H” in the name represents Huobi, “T” represents Tron, and “X” stands for the exchange.
HTX’s recent statistics shows that the exchange has been doing well regarding trading activities and volumes. It reveals that many users love to perform cryptocurrency transactions on the platform than other exchanges.
The exchange says the growth is significant because many other platforms face regulatory issues. When exchanges are battling regulatory challenges, their growth and development in service offerings are affected. These issues can change the choice of users and how the market works. But is seems HTX is handling the situation well and competing favourably with other major global exchanges.
