Huobi Global exchange offers a native coin called Huobi Token (HT); this became a popular choice for users who seek to enter the new world of cryptocurrency, which allows them to invest in projects through initial coin offerings and trading.
This platform follows Binance’s route by publishing the native token in 2018, enabling on-platform rewards, governance, and special event access.
What is Huobi token?
HT (Huobi Token) is the native token on the same name exchange platform. This token is a decentralized digital currency that is based on the Ethereum blockchain. Mostly its price is correlated to the reputation of the Huobi crypto exchange; however, we should note that other factors are also in play.
This token is somehow a new one since it was first released in 2018. This token gives Huobi the liberty to make a flexible marketing strategy to attract new people and develop and improve its platform.
The HT provides the exchange platform users with a better experience with new methods to get a lower fee (discount) on the trading fees, vote on decisions about the plans, and access new cryptos. Using this token lets users benefit from how successful the platform becomes over time. So, if the platform keeps moving up in the number of users, HT holders’ accounts will also rise.
The Huobi Token is a part of the Huobi Eco Chain that includes Defi apps (like borrowing platforms or decentralized lending). The ecosystem is like the Binance smart chain.
Huobi is an ERC-20 token whose role is to secure the network and present users with benefits and transaction methods. It is very much like BNB (Binance Coin).
Overall, there are 50 million Huobi Tokens in existence, but 100 million of them are reserved by the platform for its operations and rewards for users. One hundred million are for their team (as incentives), and 300 million of those tokens are in circulation.
Huobi token benefits
The Huobi token comes with some benefits for users; however, it is also a way to keep up with the crypto exchange market. This platform tries to keep up with Binance and BNB tokens.
This token presents a uniform method of payment across the ecosystem.
One of the significant features of the token is that it reduces commissions for each transaction on the exchange platform (users usually payout of their wallets). Furthermore, HT helps users purchase VIP status tends to receive discounts on transaction fees.
Token holders can vote regarding the platform’s plans, receive rewards for seasonal buybacks, and have the opportunity to access special events. These HT holders also can trade the token for other cryptos whenever they wish.
The HT has two functions. First, the exchange platform uses HT to users to keep them interested and loyal and offers discounts. It has also decided to use tokens to provide voting rights to its users.
Huobi token background
Leon Li cofounded the company in china in 2013, but it was then moved to Seychelles for a more crypto-friendly environment. From the early days of Bitcoin, Leon Li was a supporter and wanted to let more and more people know about blockchain technology. He used to be a computer engineer at Oracle.
Li is the CEO of Huobi Group. He graduated from Tsinghua University (Department of Automation), and in 2013 he founded and turned the company into a leading global corporation in the field of digital assets.
The other cofounders are Jun Du and Herbert Rafael Sim. Jun Du is the CEO of BIKI.com and Node Capital, and he was a community operations director at Comsenz and worked at Tencent.
Herbert Rafael Sim is the founder of media powerhouse Crypto Chain University. He also has a history at Huffington Post, Forbes, and many more. Sim is experienced and has contributed to the development of the corporations mentioned above. Sim is responsible for digital marketing and works as public relations director at Huobi.
To bring convenience to its users, Huobi now runs Huobi China, Huobi US, Huobi Global, and has other tools like Quick Wallet. The platform now trades billions daily, thanks to the HT.
The corporation was founded in 2013, and its native token came out at the beginning of 2018. The launch of this token was not according to the standard ICO scheme. In the beginning, Huobi distributed HT directly to VIP users, and ordinary traders could buy a package of services with a particular amount of tokens. This method of distributing is IEO.