Huobi, the world's third-largest cryptocurrency exchange, recently launched a new currency. The Huobi Token (HT) rewards loyal exchange users with lower transaction fees and a tradable value against popular currencies. The goal was to provide more value to Huobi's millions of Asian users. The Huobi Token follows other exchanges' launches of loyalty-building tokens. Binance Coin was the first and most successful (BNB). Binance became the world's leading exchange after launching BNB. It was a loyalty rewards system that offered discounted trading fees in exchange for customer loyalty. On January 22, 2018, Huobi announced plans to launch a new token.
Huobi would distribute 300 million HT (60 percent of the total supply) over 15 days to pro users who bought a discounted service package. Mornings brought new batches of HT, first come, first served. Due to the nature of the offering, Huobi declared it “not an ICO”. Users purchase a service package that includes HT that reduces trading fees. The Huobi Token was launched as part of a broader strategy to regain lost users after Chinese regulations severely restricted cryptocurrency trading. Between September 15 and November 1, 2017, according to Huobi founder Leon Li's interview with CoinDesk, changes in Chinese regulations reduced trading volume by 95%. The HT token distribution lasted from January 24 to February 7, 2018. Every day of the distribution, millions of tokens sold out in minutes. Then Huobi Pro members who bought packages received 300 million HT. That's 60% of the current supply. So far, 40 percent of the supply has been reserved. 20% goes to platform rewards and user rewards. The remaining 20% is vested for four years and is the team reward. Huobi isn't the first exchange to do so. These include Binance (BNB), Bibox (BIX), KuCoin (KCS), and Coss (COSS).
The Huobi ecosystem is protected by a distributed architecture and anti-DDoS system. A multisig cold wallet holds 98 percent of the currency. The exchange also uses a “Don't Be Evil” risk control system to protect users' accounts and assets.
155,075,747 Huobi Token coins are now in circulation, out of a total quantity of 500,000,000. Purchase and Sale of Huobi Tokens on Cryptocurrency Exchanges Huobi Token is currently traded on 83 exchanges. Huobi Token was the most actively traded cryptocurrency in the previous 24 hours on Huobi Global, AAX, and Hotcoin Global.
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