One of China’s former biggest three exchanges and the leading bitcoin and crypto exchange company, Huobi Global, announced the launch of its own new token, the huobi token (HT). The company, previously operating in China, has shifted most of its business operations to Huobi.pro, which is headquartered in Singapore.
The company has chosen to issue its tokens via a very unconventional manner and not the the usual path of an ICO. A related press release stated that HT will only be sold to active participants of the platform.
According to the exchange, users who wanted to obtain HT had to purchase a service fee package called a 'Point Card'. Point Cards could be purchased at discount for a basic service charge using tether (1 point = 1 USDT). The Point Card is Huobi’s prepaid card and is available on Huobi Pro. The company set an upper limit for each user’s purchase, while the lower limit was set to 100 HT.
The utility token, HT, is based upon Ethereum blockchain’s ERC20 standard. A limited number of 500 million tokens are available. Of the 500 million HT, 300 million were made accessible to investors with the remaining 200 million kept to serve as team incentives, user rewards, and platform operations. Investors can deal in HT within 15 days of its launch on January 23rd.
HT can be used in various ways, however, the most fundamental use of HT is for a discount on trading charges. Users will be able to trade HT on the Huobi platform with BTC, USDT, and ETH.
The company has also planned to overcome potential apprehension regarding price fluctuation. According to Huobi's founder, Leon Li, Huobi will use 20% of the exchange's profits to buy back HT at the end of each quarter. The HT bought back by the company will be allocated to a transparent fund that has been named the "Huobi Investor Protection Fund" according to a predetermined proportion. This will maintain customer loyalty in the long run.
Interestingly, all 300 million HT which were offered for sale via point packages were sold out within one minute.
The introduction of houbi tokens on the platform is the company’s latest effort to restructure and revamp their business model, after shifting from China to Singapore.
The company has chosen to issue its tokens via a very unconventional manner and not the the usual path of an ICO. A related press release stated that HT will only be sold to active participants of the platform.
According to the exchange, users who wanted to obtain HT had to purchase a service fee package called a 'Point Card'. Point Cards could be purchased at discount for a basic service charge using tether (1 point = 1 USDT). The Point Card is Huobi’s prepaid card and is available on Huobi Pro. The company set an upper limit for each user’s purchase, while the lower limit was set to 100 HT.
The utility token, HT, is based upon Ethereum blockchain’s ERC20 standard. A limited number of 500 million tokens are available. Of the 500 million HT, 300 million were made accessible to investors with the remaining 200 million kept to serve as team incentives, user rewards, and platform operations. Investors can deal in HT within 15 days of its launch on January 23rd.
HT can be used in various ways, however, the most fundamental use of HT is for a discount on trading charges. Users will be able to trade HT on the Huobi platform with BTC, USDT, and ETH.
The company has also planned to overcome potential apprehension regarding price fluctuation. According to Huobi's founder, Leon Li, Huobi will use 20% of the exchange's profits to buy back HT at the end of each quarter. The HT bought back by the company will be allocated to a transparent fund that has been named the "Huobi Investor Protection Fund" according to a predetermined proportion. This will maintain customer loyalty in the long run.
Interestingly, all 300 million HT which were offered for sale via point packages were sold out within one minute.
The introduction of houbi tokens on the platform is the company’s latest effort to restructure and revamp their business model, after shifting from China to Singapore.