Huobi Pro Launches Its Token Without ICO

Huobi Pro Launches Its Token Without ICO

The cryptocurrency exchange Huobi Pro on January 24 will launch its token based on the Ethereum ERC-20 standard. Huobi Token (HT) can be used to reduce the cost of commissions, and from February 1 - for trading in pairs with Bitcoin, Ethereum and Tokenized US Dollar (USDT).

But It's Not an ICO

According to the founder of Huobi Group, Leon Li, it will allow the stock exchange to recover from losses associated with the closure of the business in China, increase customer loyalty and make the exchange token an asset that can be used in Japan, South Korea, and other countries as the growth of the company.


A total of 500 million Huobi Token will be produced, 300 million of them will be distributed within the loyalty system of the exchange until February 7. The remaining 40% will go to the operating costs of the exchange, the encouragement of the team and users.

Tokens will be available free of charge, purchasing a Point Package for USDT without commission. The minimum purchase limit is 100 HT, and the maximum is not yet named.

Quarterly, 20% of Huobi Pro profit will be directed to buy back tokens, which will go to the "Huobi Investor Protection Fund."

Recall that bitcoin-investor Wang Te Liang through the court demanded that Huobi refund 400 thousand yuan, lost to them during trading on the stock exchange. He said that his transactions on Huobi should be declared invalid because Bitcoin does not exist.

Until quite recently, the Huobi exchange was one of the most significant Chinese sites for the exchange of digital assets, but after the People's Bank of China declared the cryptos outlawed, the exchanger stopped working in the Middle Kingdom and restarted in Singapore, Japan, and Hong Kong, changing its name to Huobi.Pro.

Information Source: CoinDesk

What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there...
1 in 7 Chinese Piled in Cryptos, Only 2% Not Familiar With BTC
Chinese are not only aware what cryptos are but they also gladly pile funds into them. The survey results are showing that 1 in 7 Chinese citizens...
WSJ: Bitcoin Trading at Strong Correlation With Traditional Assets
Within the past days, the ratio between Bitcoin and conventional assets markets has been high, writes the Wall Street Journal.What Are The...
Bitcoin’s «Dead» in a Long-Run, Says Young BTC-Millionaire
On December 17, on a day when a year ago bitcoin hit the all-time $19,000 record, the «big daddy» MarketWatch journalist, teen crypto-celeb Erik...
SEC Charges DJ Khaled and Mayweather for Misleading ICO Investors
The American SEC charges two celebrities for pumping up ICOs without letting investors know they were paid off for promotion. These celebs are a...
Crypto Venture Capitalist: BTC Investors Need to Endure As Amazon’s Did
Cyber money venture capitalist, CryptoOracle partner Lou Kerner suggested viewing bitcoin as a survivor like Amazon after 1995-2000 dot-com bubble...
Morgan Stanley Report Implies Bitcoin’s New Institutional Asset Class
A novel report from Morgan Stanley, the American multinational investment bank, states that bitcoin attracts more and more institutional investors...
Venezuelan Petro Available For Public Sale
After months of delay, Venezuela’s dubious cyber-coin Petro has entered the public market. On October 29, the state’s Economy Department informed...
Financial Services Giant Fidelity Launches Crypto Trading Platform
Fidelity Investments, a financial services titan with more than $7 trillion in client assets, has leapt onto cyber-money bandwagon too. This week the...
First Swiss Crypto Asset Management License Issued For Crypto Fund
For the first time in Switzerland Crypto Fund has been authorized to serve institutional patrons in the niche of cyber assets. The document which...