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